|
|
REGISTRATION NO.
|
:
|
426205-P
|
|
COMPANY NAME
|
:
|
KIM FATT GOLDSMITH SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
04/04/1997
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
HARBOUR TRADE CENTRE, ROOM 1,2-7-27A, GAT LEBUH MACALLUM, 10300 GEORGE
TOWN, PULAU PINANG, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
THE PENANG GOLD & JEWELLERY EXCHANGE CENTRE, 122-3-4 & 5
JALAN SUNGAI, 10150 GEORGETOWN, PULAU PINANG, MALAYSIA.
|
|
TEL.NO.
|
:
|
04-2825508
|
|
FAX.NO.
|
:
|
04-2825503
|
|
CONTACT PERSON
|
:
|
BOEY SOOK HENG ( DIRECTOR )
|
|
|
|
|
INDUSTRY CODE
|
:
|
321
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURING OF JEWELLERIES
|
|
AUTHORISED CAPITAL
|
:
|
MYR 100,000.00 DIVIDED INTO
ORDINARY SHARE 100,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 100,000.00 DIVIDED INTO
ORDINARY SHARES 100,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
SALES
|
:
|
MYR 24,333,515 [2014]
|
|
NET WORTH
|
:
|
MYR 3,055,048 [2014]
|
|
|
|
|
STAFF STRENGTH
|
:
|
N/A
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE 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) manufacturing of jewelleries.
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 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
|
(%)
|
|
MS. BOEY SOOK HENG +
|
32, PERSIARAN MINDEN SATU, 11700 GELUGOR, PULAU PINANG, MALAYSIA.
|
570225-07-6052 5141204
|
50,000.00
|
50.00
|
|
MR. NG KIM FATT @ NG KAM FATT +
|
32, PERSIARAN MINDEN SATU, 11700 GELUGOR, PULAU PINANG, MALAYSIA.
|
610809-07-5225 6255314
|
50,000.00
|
50.00
|
|
|
|
---------------
|
------
|
|
|
|
100,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MS. BOEY SOOK HENG
|
|
Address
|
:
|
32, PERSIARAN MINDEN SATU, 11700 GELUGOR, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
5141204
|
|
New IC No
|
:
|
570225-07-6052
|
|
Date of Birth
|
:
|
25/02/1957
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
04/04/1997
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. NG KIM FATT @ NG KAM FATT
|
|
Address
|
:
|
32, PERSIARAN MINDEN SATU, 11700 GELUGOR, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
6255314
|
|
New IC No
|
:
|
610809-07-5225
|
|
Date of Birth
|
:
|
09/08/1961
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
04/04/1997
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
BOEY SOOK HENG
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
WOOI PARTNERS
|
|
Auditor' Address
|
:
|
11, JALAN LIM EOW THOON, 1ST FLOOR, 10400 GEORGETOWN, PULAU PINANG,
MALAYSIA.
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. SEOW SOON YEOW @ SEAN HIN NGEU
|
|
IC / PP No
|
:
|
4093430
|
|
New IC No
|
:
|
480111-02-5063
|
|
Address
|
:
|
1-M, LORONG DELIMA 17, ISLAND GLADES, 11700 GELUGOR, PULAU PINANG,
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
|
01/04/1998
|
N/A
|
MAHF PRECIOUS METAL REFINERY SDNBHD
|
-
|
Satisfied
|
|
2
|
19/03/2001
|
N/A
|
UNITED OVERSEAS BANK MALAYSIA BHD
|
-
|
Satisfied
|
|
3
|
13/12/2006
|
N/A
|
UNITED OVERSEAS BANK (MALAYSIA) BHD
|
-
|
Satisfied
|
|
4
|
10/07/2008
|
N/A
|
PUBLIC BANK BHD
|
-
|
Unsatisfied
|
|
5
|
03/09/2012
|
N/A
|
PUBLIC BANK BHD
|
MYR 500,000.00
|
Unsatisfied
|
|
6
|
03/01/2013
|
N/A
|
UNITED OVERSEAS BANK (MALAYSIA) BHD
|
-
|
Unsatisfied
|
|
7
|
03/01/2013
|
N/A
|
UNITED OVERSEAS BANK (MALAYSIA) 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
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
jewelleries.
The Subject refused to disclose its operation.
CURRENT
INVESTIGATION
Latest fresh investigations
carried out on the Subject indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
04-2825508
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address Provided by Client
|
:
|
123-3-425, JALAN SUNGAI 10150 PENAG
|
|
Current Address
|
:
|
THE PENANG GOLD & JEWELLERY EXCHANGE CENTRE, 122-3-4 & 5
JALAN SUNGAI, 10150 GEORGETOWN, PULAU PINANG, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other
Investigations
On 28th May 2015 we contacted one of the staff from the Subject and he only
provided limited information.
The address provided is incomplete.
The Subject refused to disclose its number of employees.
FINANCIAL
ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2010 - 2014
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2010 - 2014
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
10.57%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
13.90%
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the
years.The management had succeeded in turning the Subject into a profit
making company. The profit could be due to better control of its operating
costs and efficiency in utilising its resources. The Subject's management
had generated acceptable return for its shareholders using its assets.
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.99 Times
|
]
|
|
|
|
|
|
|
|
|
|
Due to its weak liquidity position, the Subject will be faced with
problems in meeting all its short term obligations if no short term loan is
obtained or additional capital injected into the Subject.
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Liability Ratio
|
:
|
Unfavourable
|
[
|
2.62 Times
|
]
|
|
|
|
|
|
|
|
|
|
The Subject has high liabilities ratio and it may face financial
difficulties if no additional capital is injected.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
The higher turnover had helped to reduce the Subject's losses. 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'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
|
|
321 : Manufacture of jewellery, bijouterie and related articles
|
|
|
|
INDUSTRY :
|
MANUFACTURING
|
|
|
|
|
The manufacturing sector is expected to grow by 5.5% in 2015. It
will be bolstered by strong domestic and export-oriented industries in line
with growing investment activities and favorable external demand. Moreover,
in 2014, the manufacturing sectors have spearheading growth. The
manufacturing sector is estimated to grow at a faster pace in 2014 on
higher exports of electronics and electrical (E&E) products as external
demand improves.
|
|
|
The manufacturing sector expanded strongly during the first half of
2014, the highest growth in three years, spurred by higher global
semiconductor sales. Value-added of the manufacturing sector expanded 7.1%
during the first half of 2014. Production of the sector rose 6.6% in the
first seven months of 2014 supported by resilient domestic demand and
recovery in the external sector during the first seven months of the years.
The sales value of manufactured products rebounded by 7.7% in the first
seven months of 2014. The strong performance of the sector was on account
of higher output at 9.4% from the domestic-oriented industries,
particularly transport equipment, food and beverage.
|
|
|
The manufacturing sector continued to attract domestic and foreign
investment with investment approved by Malaysian Investment Development
Authority (MIDA) totaling RM47.4 billion during the first six months of
2014, mainly from Japan, China and Germany. Meanwhile, the capacity
utilization rate remained steady at 80.4% during the second quarter of 2014
while average wage per employee and productivity improved to RM2,772 per
month and 5.9%, respectively during the first seven months of 2014. Boosted
by favorable domestic economic activity and recovery in the external
sector, the manufacturing sector is expected to record a better performance
with growth of 6.4% in 2014.
|
|
|
In the meantime, production of wood products rebounded by 5.1% largely
supported by higher output in the saw-milling and planning of wood segment
at 25.9% during the first seven months of 2014. The positive performance
was attributed to vibrant residential and commercial construction
activities which contributed to increased use of timber frame and glued
laminated timber for cost savings compared to the use of concrete and
steel. Increased demand from major export destination such as the US, Japan
and Australia for Malaysian made furniture contributed to the higher output,
particularly wooden and cane furniture which rebounded by 2.2%.
|
|
|
Production of rubber products contracted 0.3% in the first seven
months of 2014 on account of slower demand for rubber gloves and rubber
tyres. The decline in rubber tyres for vehicles was due to the weaker
external demand from the automotive industry, particularly from China.
Output of other rubber products contracted 3.8% following the product shift
from rubber-based to plastics, silicones and metal alloys in the
manufacture of medical devices.
|
|
|
Besides, exports of manufactured products are expected to grow 6.1%
in 2014 boosted by the growing demand from advanced economies. However,
during the first seven months of 2014, manufactured exports surged 11.4%.
The robust growth was buoyed by strengthening demand in the US and EU,
reflecting significant exposure of Malaysian exports to the economic
performance in the advance economies. The strength in export was
broad-based with robust growth in both E&E and non- E&E subsectors.
|
|
|
Under budget 2015, the Government will provide incentive in the form
of capital allowance on automation expenditure to encourage automation in
the manufacturing sector, which may help in the manufacturing sector.
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1997, the Subject is a Private Limited company, focusing on
manufacturing of jewelleries. 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. We noted that the issued and paid up capital of
the Subject stands at MYR 100,000. 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 has penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is
competing in the industry. Its stable clientele base will enable the
Subject to further enhance its business in the near term. Overall, we
regard that the Subject's management capability is average. This indicates
that the Subject has greater potential to improve its business performance
and raising income for the Subject.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. Return on shareholders' funds of
the Subject was at an acceptable range which indicated that the management
was efficient in utilising its funds to generate income. Due to its weak
liquidity position, the Subject may face working capital deficiency in
meeting its short term financial obligations if no fresh capital are
injected into the Subject. 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 3,055,048, the Subject should be able
to maintain its business in the near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. The Subject's supplier are from both the
local and overseas countries. This will eliminates the risk of dependency
on deliveries from a number of key suppliers and insufficient quantities of
its raw materials. Overall the Subject has a good control over its
resources.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the Subject is expected to benefit from the
favourable outlook of the industry.
Based on the above condition, we recommend credit be granted to the Subject
normally.
|
|
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS)
|
|
Financial Year End
|
2014-03-31
|
2013-03-31
|
2012-03-31
|
2011-03-31
|
2010-03-31
|
|
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
|
SUMMARY
|
SUMMARY
|
SUMMARY
|
SUMMARY
|
SUMMARY
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
TURNOVER
|
24,333,515
|
5,205,646
|
4,777,797
|
5,517,226
|
6,582,863
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
24,333,515
|
5,205,646
|
4,777,797
|
5,517,226
|
6,582,863
|
|
Costs of Goods Sold
|
-
|
-
|
-
|
-
|
(6,582,863)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
480,095
|
(107,014)
|
76,335
|
107,727
|
952,975
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
480,095
|
(107,014)
|
76,335
|
107,727
|
952,975
|
|
Taxation
|
(157,272)
|
(19,988)
|
(51,701)
|
122,962
|
(249,157)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
322,823
|
(127,002)
|
24,634
|
230,689
|
703,818
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
2,632,225
|
2,759,227
|
2,734,593
|
2,503,904
|
1,800,086
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
2,632,225
|
2,759,227
|
2,734,593
|
2,503,904
|
1,800,086
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
2,955,048
|
2,632,225
|
2,759,227
|
2,734,593
|
2,503,904
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
2,955,048
|
2,632,225
|
2,759,227
|
2,734,593
|
2,503,904
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
BALANCE
SHEET
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
3,544,377
|
3,969,869
|
4,477,487
|
5,063,118
|
5,733,801
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
3,544,377
|
3,969,869
|
4,477,487
|
5,063,118
|
5,733,801
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
7,513,620
|
8,392,937
|
6,424,907
|
6,524,674
|
6,138,394
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
11,057,997
|
12,362,806
|
10,902,394
|
11,587,792
|
11,872,195
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
7,603,149
|
9,162,569
|
7,444,188
|
7,864,705
|
7,893,150
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
(89,529)
|
(769,632)
|
(1,019,281)
|
(1,340,031)
|
(1,754,756)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
3,454,848
|
3,200,237
|
3,458,206
|
3,723,087
|
3,979,045
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
100,000
|
100,000
|
100,000
|
100,000
|
100,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
100,000
|
100,000
|
100,000
|
100,000
|
100,000
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
2,955,048
|
2,632,225
|
2,759,227
|
2,734,593
|
2,503,904
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
2,955,048
|
2,632,225
|
2,759,227
|
2,734,593
|
2,503,904
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
3,055,048
|
2,732,225
|
2,859,227
|
2,834,593
|
2,603,904
|
|
|
|
|
|
|
|
TOTAL LONG TERM LIABILITIES
|
399,800
|
468,012
|
598,979
|
888,494
|
1,375,141
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
3,454,848
|
3,200,237
|
3,458,206
|
3,723,087
|
3,979,045
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Net Liquid Assets
|
(89,529)
|
(769,632)
|
(1,019,281)
|
(1,340,031)
|
(1,754,756)
|
|
Net Current Assets/(Liabilities)
|
(89,529)
|
(769,632)
|
(1,019,281)
|
(1,340,031)
|
(1,754,756)
|
|
Net Tangible Assets
|
3,454,848
|
3,200,237
|
3,458,206
|
3,723,087
|
3,979,045
|
|
Net Monetary Assets
|
(489,329)
|
(1,237,644)
|
(1,618,260)
|
(2,228,525)
|
(3,129,897)
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Liabilities
|
8,002,949
|
9,630,581
|
8,043,167
|
8,753,199
|
9,268,291
|
|
Total Assets
|
11,057,997
|
12,362,806
|
10,902,394
|
11,587,792
|
11,872,195
|
|
Net Assets
|
3,454,848
|
3,200,237
|
3,458,206
|
3,723,087
|
3,979,045
|
|
Net Assets Backing
|
3,055,048
|
2,732,225
|
2,859,227
|
2,834,593
|
2,603,904
|
|
Shareholders' Funds
|
3,055,048
|
2,732,225
|
2,859,227
|
2,834,593
|
2,603,904
|
|
Total Share Capital
|
100,000
|
100,000
|
100,000
|
100,000
|
100,000
|
|
Total Reserves
|
2,955,048
|
2,632,225
|
2,759,227
|
2,734,593
|
2,503,904
|
|
|
|
|
|
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Current Ratio
|
0.99
|
0.92
|
0.86
|
0.83
|
0.78
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Liabilities Ratio
|
2.62
|
3.52
|
2.81
|
3.09
|
3.56
|
|
Assets Backing Ratio
|
34.55
|
32.00
|
34.58
|
37.23
|
39.79
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
1.97
|
(2.06)
|
1.60
|
1.95
|
14.48
|
|
Net Profit Margin
|
1.33
|
(2.44)
|
0.52
|
4.18
|
10.69
|
|
Return On Net Assets
|
13.90
|
(3.34)
|
2.21
|
2.89
|
23.95
|
|
Return On Capital Employed
|
13.90
|
(3.34)
|
2.21
|
2.89
|
23.95
|
|
Return On Shareholders' Funds/Equity
|
10.57
|
(4.65)
|
0.86
|
8.14
|
27.03
|
|
|
|
|
|
|
|