|
|
|
MIRA INFORM REPORT
|
Report No. : |
505822 |
|
Report Date : |
30.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
SENG THYE AGENCY
SDN. BHD. |
|
|
|
|
Registered Office : |
45, Jalan Perak, 10150 Georgetown, Pulau
Pinang |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
28.02.2017 |
|
|
|
|
Date of Incorporation : |
09.11.2012 |
|
|
|
|
Com. Reg. No.: |
1024257-P |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
trading of grocery, vegetables and spices. |
|
|
|
|
No. of Employees : |
2 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, an upper middle-income country, has transformed itself since
the 1970s from a producer of raw materials into a multi-sector economy. Under
current Prime Minister NAJIB, Malaysia is attempting to achieve high-income
status by 2020 and to move further up the value-added production chain by
attracting investments in high technology, knowledge-based industries and
services. NAJIB's Economic Transformation Program 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.
Malaysia is vulnerable to a fall in world commodity prices or a general
slowdown in global economic activity.
The NAJIB administration is continuing efforts to boost domestic demand
and reduce the economy's dependence on exports. Domestic demand continues to
anchor economic growth, supported mainly by private consumption, which accounts
for 53% of GDP. Nevertheless, exports - particularly of electronics, oil and
gas, and palm oil - remain a significant driver of the economy. In 2015, gross
exports of goods and services were equivalent to 73% of GDP. The oil and gas
sector supplied about 22% of government revenue in 2015, down significantly
from prior years amid a decline in commodity prices and diversification of
government revenues. Malaysia has embarked on a fiscal reform program aimed at
achieving a balanced budget by 2020, including rationalization of subsidies and
the 2015 introduction of a 6% value added tax. Sustained low commodity prices
throughout the period not only strained government finances, but also shrunk
Malaysia’s current account surplus and weighed heavily on the Malaysian
ringgit, which was among the region’s worst performing currencies during
2013-17. The ringgit hit new lows following the US presidential election amid a
broader selloff of emerging market assets.
Bank Negara Malaysia (the central bank) maintains adequate foreign
exchange reserves; a well-developed regulatory regime has limited Malaysia's
exposure to riskier financial instruments, although it remains vulnerable to
volatile global capital flows. In order to increase Malaysia’s competitiveness,
Prime Minister NAJIB 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, policies that favor and advance
the economic condition of ethnic Malays.
Malaysia signed the 12-nation Trans-Pacific Partnership (TPP) free trade
agreement in February 2016, although the future of the TPP remains unclear
following the US withdrawal from the agreement. Along with nine other ASEAN
members, Malaysia established the ASEAN Economic Community in 2015, which aims
to advance regional economic integration.
|
Source
: CIA |
EXECUTIVE SUMMARY
|
|
REGISTRATION NO. |
: |
1024257-P |
|
GST NO. |
: |
001168007168 |
|
COMPANY NAME |
: |
SENG THYE AGENCY SDN. BHD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
09/11/2012 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
45, JALAN PERAK, 10150 GEORGETOWN, PULAU
PINANG, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
26-T, JALAN SATU, MUKIM 13, AIR ITAM, 11400
PULAU PINANG, PULAU PINANG, MALAYSIA. |
|
TEL.NO. |
: |
N/A |
|
FAX.NO. |
: |
04-6564728 |
|
MOBILE NO. |
: |
0124289828 |
|
CONTACT PERSON |
: |
TAN HOOI HONG ( DIRECTOR ) |
|
INDUSTRY CODE |
: |
46314 |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF GROCERY, VEGETABLES AND SPICES |
|
AUTHORISED CAPITAL |
: |
MYR 100,000.00 DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 100,000.00 DIVIDED INTO |
|
SALES |
: |
MYR 11,090,974 [2017] |
|
NET WORTH |
: |
MYR 1,222,480 [2017] |
|
STAFF STRENGTH |
: |
2 [2018] |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
REGULAR |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
MODERATE |
|
CURRENCY EXPOSURE |
: |
N/A |
|
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 shall have a minimum one director. 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 grocery, vegetables and spices.
The Subject is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
09/11/2012 |
MYR 100,000.00 |
MYR 100,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. TAN HOOI MING |
26-T, JALAN SATU, MUKIM 13, 11400 PULAU PINANG,
PULAU PINANG, MALAYSIA. |
750326-07-5567 A2995723 |
40,000.00 |
40.00 |
|
MR. TAN HOOI HONG + |
26-T, JALAN SATU, MUKIM 13, 11400 PULAU
PINANG, PULAU PINANG, MALAYSIA. |
821109-07-5179 |
24,000.00 |
24.00 |
|
MR. TAN HOOI KANG |
26-T, JALAN SATU, MUKIM 13, 11400 PULAU
PINANG, PULAU PINANG, MALAYSIA. |
770918-07-6107 A3705737 |
20,000.00 |
20.00 |
|
MS. SUNISA KANJANA ASAWA @ QUAH CHOR HUA |
26-T, JALAN SATU, MUKIM 13, 14000 BUKIT
MERTAJAM, PULAU PINANG, MALAYSIA. |
490421-71-5050 8305865 |
16,000.00 |
16.00 |
|
--------------- |
------ |
|||
|
100,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MS. CHUAH LAY VOON |
|
Address |
: |
25-13-1, PARKVIEW TOWERS, TINGKAT BUKIT
JAMBUL SATU, 11900 BAYAN LEPAS, PULAU PINANG, MALAYSIA. |
|
Other Address(es) |
: |
2-10-6, DELIMA PALACE, CHANGKAT DELIMA 2,
11700 GELUGOR, PULAU PINANG, MALAYSIA. |
|
New IC No |
: |
830821-07-5126 |
|
Date of Birth |
: |
21/08/1983 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
15/04/2016 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
see below |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
1024257P |
SENG THYE AGENCY SDN. BHD. |
Director |
15/04/2016 |
0.00 |
- |
MYR633,929.00 |
2017 |
- |
26/03/2018 |
INTEREST IN BUSINESS
|
No |
Local No |
Business |
Designation |
App Date |
Shareholding (%) |
Status |
As At |
|
1 |
PC0011318H |
NST AGRI TRADE |
PARTNERSHIP |
17/07/2014 |
50.00 |
- |
26/03/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. TAN HOOI HONG |
|
Address |
: |
26-T, JALAN SATU, MUKIM 13, 11400 PULAU
PINANG, PULAU PINANG, MALAYSIA. |
|
New IC No |
: |
821109-07-5179 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
09/11/2012 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
see below |
|
Former interest |
: |
see below |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
1024257P |
SENG THYE AGENCY SDN. BHD. |
Director |
09/11/2012 |
24,000.00 |
24.00 |
MYR633,929.00 |
2017 |
- |
26/03/2018 |
INTEREST IN BUSINESS
|
No |
Local No |
Business |
Designation |
App Date |
Shareholding (%) |
Status |
As At |
|
1 |
PC0011318H |
NST AGRI TRADE |
PARTNERSHIP |
17/07/2014 |
50.00 |
- |
26/03/2018 |
FORMER INTEREST
|
No |
Local No |
Company |
Designation |
App Date |
Withdrawn Date |
Shareholding |
Status |
|
1 |
870852T |
FIGURE MISSION SDN. BHD. |
Director |
10/11/2009 |
26/01/2018 |
- |
- |
FORMER DIRECTOR(S)
|
|
Name |
Address |
IC/PP No |
Appointed Date |
Withdrawn Date |
|
TAN HOOI KANG |
26-T, JALAN SATU, MUKIM 13, AYER ITAM,
PULAU PINANG, MALAYSIA |
770918-07-6107 |
09/11/2012 |
15/04/2016 |
|
TAN HOOI MING |
26-T, JALAN SATU, MUKIM 13, AYER ITAM,
PULAU PINANG, MALAYSIA |
750326-07-5567 |
09/11/2012 |
15/04/2016 |
|
SUNISA KANJANA ASAWA |
26-T, JALAN SATU, MUKIM 13, AYER ITAM,
PULAU PINANG, MALAYSIA |
490421-71-5050 |
09/11/2012 |
15/04/2016 |
Note : The above information was generated
from our database.
MANAGEMENT
|
|
1) |
Name of Subject |
: |
TAN HOOI HONG |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
LEE,YEANG & CO. |
|
Auditor' Address |
: |
MENARA PENANG GARDEN, JALAN SULTAN AHMAD
SHAH, 10050 PULAU PINANG, PULAU PINANG, MALAYSIA. |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
MR. KONG HWAN KWAN @ KONG FAM KWAN |
|
IC / PP No |
: |
4487472 |
|
|
New IC No |
: |
530922-07-5577 |
|
|
Address |
: |
45, JALAN PERAK, 10150 GEORGETOWN, PULAU
PINANG, MALAYSIA. |
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE (S)
|
No encumbrance was found in our databank at the time of investigation.
CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A
DEFENDANT
|
* 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.
CRIMINAL CHECK - SUBJECT COMPANY AS A DEFENDANT
|
* 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 criminal record was found in our databank.
CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A
PLAINTIFF
|
* 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 plaintiff record was found in our databank.
Criminal records check – subject company as a
plaintiff
|
* 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 plaintiff record 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 listed by our customers and debtors that
have been placed or assigned to us for collection.
No defaulter 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 supplier information.
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 |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
GROCERY, VEGETABLES AND SPICES |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2018 |
2016 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
2 |
n/a |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of grocery,
vegetables and spices.
The Subject sells Onions, shallots, garlic, leeks and other alliances
vegetables, fresh or chilled.
The Subject sells the products based on customer's demands and
requirement.
RECENT DEVELOPMENT
|
We have checked with the Malaysian National News Agency's (BERNAMA) database,
but no recent development was noted during the time of inspection.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
0124289828 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
26 T JALAN SATU MK 13 AIR ITAM, 11400
PENANG MALAYSIA |
|
Current Address |
: |
26-T, JALAN SATU, MUKIM 13, AIR ITAM, 11400
PULAU PINANG, PULAU PINANG, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We have contacted one of the Subject's Director, Mr Tan Hooi Hong and he provided
some information.
The address provided can also be used by the Subject. However, it is
incomplete.
The Subject refused to disclose its banker information.
The Subject can only be contacted via mobile phone.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
37.82% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
22.84% |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
51.86% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
66.17% |
] |
|
|
The shrinking turnover could be the result
of more entrants into the market which eroded the Subject's market share.The
Subject's management have been efficient in controlling its operating costs. 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. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
2 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
68 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
14 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing
its holding cost. This had reduced funds being tied up in stocks. The high
debtors' ratio could indicate that the Subject was weak in its credit
control. However, the Subject could also giving longer credit periods to its
customers in order to boost its sales or to capture / retain its market
share. 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 |
: |
Favourable |
[ |
1.83 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.88 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained
by the Subject in order to assure its creditors of its ability to meet short
term obligations and the Subject was in a good liquidity position. Thus, we
believe the Subject is able to meet all its short term obligations as and
when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
263.92 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.08 Times |
] |
|
|
The interest cover showed that the Subject was
able to service the interest. The favourable interest cover could indicate
that the Subject was making enough profit to pay for the interest accrued.
The Subject was lowly geared thus it had a low financial risk. The Subject
was mainly financed by its shareholders' funds and internally generated
funds. In times of economic slowdown / downturn, the Subject being a lowly
geared company, will be able to compete better than those companies which are
highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Due to the efficient control of its
operating costs, the Subject was able to remain profitable despite lower
turnover achieved during the year. 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. With the favourable interest cover, the Subject could be
able to service all the accrued interest without facing any difficulties. The
Subject as a lowly geared company, will be more secured compared to those
highly geared companies. It has the ability to meet all its long term
obligations. |
||||||
|
Overall financial condition of the Subject
: STRONG |
||||||
|
|
||||||
MALAYSIA ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators: |
2014 |
2015 |
2016 |
2017* |
2018** |
|
Population ( Million) |
30.0 |
31.0 |
31.6 |
32.1 |
32.9 |
|
Gross Domestic Products ( % ) |
6.0 |
4.6 |
4.2 |
5.3 |
5.4 |
|
Domestic Demand ( % ) |
6.4 |
6.2 |
4.3 |
6.3 |
6.4 |
|
Private Expenditure ( % ) |
7.9 |
6.9 |
7.8 |
7.4 |
7.3 |
|
Consumption ( % ) |
6.5 |
6.1 |
5.1 |
6.9 |
6.8 |
|
Investment ( % ) |
12.0 |
8.1 |
10.0 |
9.3 |
8.9 |
|
Public Expenditure ( % ) |
2.3 |
4.2 |
3.3 |
5.3 |
5.5 |
|
Consumption ( % ) |
2.1 |
4.3 |
2.0 |
2.7 |
1.3 |
|
Investment ( % ) |
2.6 |
(1.0) |
1.1 |
3.4 |
3.8 |
|
Balance of Trade ( MYR Million ) |
82,480 |
91,577 |
88,145 |
94,593 |
96,993 |
|
Government Finance ( MYR Million ) |
(37,414) |
(37,194) |
(38,401) |
(39,887) |
(39,790) |
|
Government Finance to GDP / Fiscal Deficit
( % ) |
(3.4) |
(3.2) |
(3.1) |
(3.0) |
(2.8) |
|
Inflation ( % Change in Composite CPI) |
3.2 |
4.0 |
2.1 |
3.5 |
3.0 |
|
Unemployment Rate |
2.9 |
3.1 |
3.4 |
3.4 |
3.3 |
|
Net International Reserves ( MYR Billion ) |
417 |
390 |
391 |
- |
- |
|
Average Risk-Weighted Capital Adequacy
Ratio ( % ) |
4.00 |
3.50 |
- |
- |
- |
|
Average 3 Months of Non-performing Loans (
% ) |
2.10 |
2.00 |
1.90 |
- |
- |
|
Average Base Lending Rate ( % ) |
6.85 |
6.79 |
6.81 |
6.73 |
- |
|
Business Loans Disbursed( % ) |
18.6 |
2.2 |
- |
- |
- |
|
Foreign Investment ( MYR Million ) |
43,486.6 |
43,435.0 |
- |
- |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
49,203 |
45,658 |
43,255 |
- |
- |
|
Registration of New Companies ( % ) |
6.1 |
(7.2) |
(5.3) |
- |
- |
|
Liquidation of Companies ( No. ) |
11,099 |
7,066 |
- |
- |
- |
|
Liquidation of Companies ( % ) |
(19.5) |
(36.3) |
- |
- |
- |
|
Registration of New Business ( No. ) |
332,723 |
364,230 |
376,720 |
- |
- |
|
Registration of New Business ( % ) |
1.0 |
9.0 |
3.0 |
- |
- |
|
Business Dissolved ( No. ) |
21,436 |
- |
- |
- |
- |
|
Business Dissolved ( % ) |
18.0 |
- |
- |
- |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
588.3 |
591.3 |
514.6 |
527.8 |
- |
|
Cellular Phone Subscribers ( Million ) |
44.0 |
44.2 |
44.0 |
- |
- |
|
Tourist Arrival ( Million Persons ) |
27.4 |
25.7 |
30.2 |
30.1 |
- |
|
Hotel Occupancy Rate ( % ) |
63.6 |
58.8 |
61.2 |
- |
- |
|
Credit Cards Spending ( % ) |
5.8 |
6.8 |
6.3 |
- |
- |
|
Bad Cheque Offenders (No.) |
- |
- |
- |
- |
- |
|
Individual Bankruptcy ( No.) |
22,351 |
18,457 |
- |
- |
- |
|
Individual Bankruptcy ( % ) |
1.7 |
(17.4) |
- |
- |
- |
|
INDUSTRIES ( % of Growth ): |
2014 |
2015 |
2016 |
2017* |
2018** |
|
Agriculture |
2.0 |
1.3 |
(5.1) |
5.6 |
2.4 |
|
Palm Oil |
6.7 |
7.0 |
(12.7) |
11.8 |
- |
|
Rubber |
(10.4) |
(11.0) |
(6.3) |
10.8 |
- |
|
Forestry & Logging |
(4.2) |
(7.2) |
(3.0) |
(15.0) |
- |
|
Fishing |
2.7 |
2.1 |
2.2 |
0.2 |
- |
|
Other Agriculture |
6.2 |
6.0 |
5.1 |
2.4 |
- |
|
Industry Non-Performing Loans ( MYR Million
) |
303.8 |
343.7 |
420.3 |
- |
- |
|
% of Industry Non-Performing Loans |
1.4 |
1.5 |
1.8 |
- |
- |
|
Mining |
3.3 |
5.3 |
2.2 |
0.5 |
0.9 |
|
Oil & Gas |
3.0 |
3.5 |
4.5 |
- |
- |
|
Other Mining |
46.6 |
47.1 |
42.6 |
- |
- |
|
Industry Non-performing Loans ( MYR Million
) |
63.5 |
180.1 |
190.0 |
- |
- |
|
% of Industry Non-performing Loans |
0.3 |
0.8 |
0.8 |
- |
- |
|
Manufacturing # |
6.1 |
4.9 |
4.4 |
5.5 |
5.3 |
|
Exported-oriented Industries |
7.1 |
6.5 |
4.3 |
6.5 |
- |
|
Electrical & Electronics |
11.8 |
9.2 |
6.8 |
9.3 |
- |
|
Rubber Products |
(1.3) |
5.1 |
5.0 |
6.9 |
- |
|
Wood Products |
7.8 |
7.0 |
7.8 |
7.3 |
- |
|
Textiles & Apparel |
10.8 |
7.5 |
7.5 |
7.4 |
- |
|
Domestic-oriented Industries |
7.7 |
4.7 |
3.4 |
6.2 |
- |
|
Food, Beverages & Tobacco |
6.1 |
8.9 |
7.5 |
11.0 |
- |
|
Chemical & Chemical Products |
1.4 |
3.5 |
4.5 |
3.5 |
- |
|
Plastic Products |
2.7 |
3.9 |
5.1 |
- |
- |
|
Iron & Steel |
2.8 |
1.6 |
2.2 |
- |
- |
|
Fabricated Metal Products |
2.8 |
4.6 |
5.6 |
4.6 |
- |
|
Non-metallic Mineral |
6.9 |
6.8 |
6.3 |
5.4 |
- |
|
Transport Equipment |
14.4 |
5.2 |
(3.1) |
4.7 |
- |
|
Paper & Paper Products |
4.7 |
3.2 |
5.4 |
5.8 |
- |
|
Crude Oil Refineries |
13.0 |
14.3 |
13.7 |
- |
- |
|
Industry Non-Performing Loans ( MYR Million
) |
5,730.8 |
4,243.7 |
4,214.1 |
- |
- |
|
% of Industry Non-Performing Loans |
25.6 |
19.0 |
18.5 |
- |
- |
|
Construction |
11.7 |
8.2 |
7.4 |
7.6 |
7.5 |
|
Industry Non-Performing Loans ( MYR Million
) |
1,666.4 |
1,638.0 |
1,793.9 |
- |
- |
|
% of Industry Non-Performing Loans |
7.5 |
7.3 |
7.9 |
- |
- |
|
Services |
6.6 |
5.1 |
5.6 |
5.9 |
5.8 |
|
Electric, Gas & Water |
3.8 |
3.6 |
5.4 |
2.5 |
2.6 |
|
Transport, Storage & Communication |
7.70 |
7.55 |
6.85 |
7.35 |
7.30 |
|
Wholesale, Retail, Hotel & Restaurant |
7.70 |
6.65 |
6.65 |
7.05 |
6.65 |
|
Finance, Insurance & Real Estate |
5.15 |
2.90 |
4.70 |
5.70 |
5.90 |
|
Government Services |
6.3 |
4.0 |
4.9 |
4.4 |
4.5 |
|
Other Services |
4.8 |
4.7 |
4.8 |
5.3 |
5.3 |
|
Industry Non-Performing Loans ( MYR Million
) |
5,373.5 |
6,806.6 |
7,190.6 |
- |
- |
|
% of Industry Non-Performing Loans |
24.1 |
30.5 |
31.5 |
- |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
|||||
|
# Based On Manufacturing Production
Index |
|||||
INDUSTRY ANALYSIS
|
|
MSIC CODE |
|
|
46314 : Wholesale of vegetables |
|
|
INDUSTRY : |
TRADING |
|
Malaysia's retail sales will likely grow
3.7% in 2017, slower than previously estimated 3.9%, as consumer sentiment
remains weak amid rising cost of living in Southeast Asia's third largest
economy. |
|
|
The cut in forecast was the second of such revision
by Retail Group Malaysia, a retail consulting firm, from an initial target of
5% retail sales expansion pace in 2017. The estimate follows a survey of
members of Malaysia Retailers Association on their second quarter performance
and outlook for the year. Retail sales grew 1.7% in 2016. |
|
|
According to Retail Group Malaysia (RGM),
Malaysian retailers have seen the sales expanded 4.9 % from April to June
2017, reversing a dismal performance in first three months 2017. For the
first six months 2016, the retail sale growth rate was 2.5 %. However, the
businesses in the next three months are not optimistic, estimating an average
growth rate of 2.9 %. The department stores cum supermarket operators are
expecting to return to red with a contraction of 2.5 %. Similarly, the
department store operators expect their businesses to dip with a negative 1.5
%. |
|
|
The rise of purchasing power will continue
to fall behind the increase in prices of retail goods. More retail goods are
expected to raise prices because of higher fuel prices in recent months. |
|
|
The wholesale trade sub-sector index
increased 5.9 % to 165.9 points year-on-year (y-o-y) driven mainly by other
specialised wholesale (7.5 %), wholesale of agricultural raw materials and livestock
(7.3 %) and wholesale of machinery, equipment and supplies (6.2 %). |
|
|
Over 60% of Gross Domestic Product (GDP) is
contributed by domestic consumption. Therefore the wholesale and retail
sector plays a crucial role in driving Malaysia's growth over the next decade
despite the ongoing global economic slowdown. By 2020, Malaysia's wholesale
and retail sector is expected to boost the country's total Gross National
Income (GNI) by RM156 billion, creating 454,190 new jobs. |
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
SENG THYE AGENCY SDN. BHD. |
|
Financial Year End |
2017-02-28 |
2016-02-29 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
MYR |
MYR |
|
TURNOVER |
11,090,974 |
17,836,324 |
|
---------------- |
---------------- |
|
|
Total Turnover |
11,090,974 |
17,836,324 |
|
Costs of Goods Sold |
(9,566,728) |
(16,612,600) |
|
---------------- |
---------------- |
|
|
Gross Profit |
1,524,246 |
1,223,724 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
805,836 |
655,979 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
805,836 |
655,979 |
|
Taxation |
(171,907) |
(134,850) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
633,929 |
521,129 |
|
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
||
|
As previously reported |
988,551 |
467,422 |
|
---------------- |
---------------- |
|
|
As restated |
988,551 |
467,422 |
|
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
1,622,480 |
988,551 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(500,000) |
- |
|
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
1,122,480 |
988,551 |
|
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
||
|
Lease interest |
3,065 |
- |
|
---------------- |
---------------- |
|
|
3,065 |
- |
|
|
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
31,394 |
9,190 |
|
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
31,394 |
9,190 |
|
============= |
============= |
|
|
|
|
|
BALANCE SHEET
|
|
SENG THYE AGENCY SDN. BHD. |
|
ASSETS EMPLOYED: |
||
|
FIXED ASSETS |
123,686 |
22,079 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
||
|
Deferred assets |
2,098 |
- |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
2,098 |
- |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
125,784 |
22,079 |
|
CURRENT ASSETS |
||
|
Stocks |
72,654 |
268,012 |
|
Trade debtors |
2,076,945 |
2,506,291 |
|
Other debtors, deposits & prepayments |
5,000 |
5,000 |
|
Cash & bank balances |
384,816 |
599,016 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
2,539,415 |
3,378,319 |
|
---------------- |
---------------- |
|
|
TOTAL ASSET |
2,665,199 |
3,400,398 |
|
============= |
============= |
|
|
CURRENT LIABILITIES |
||
|
Trade creditors |
371,287 |
629,514 |
|
Other creditors & accruals |
57,456 |
93,398 |
|
Amounts owing to director |
535,297 |
1,484,339 |
|
Provision for taxation |
83,679 |
101,934 |
|
Lease payables |
23,690 |
- |
|
Other liabilities |
278,365 |
- |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
1,349,774 |
2,309,185 |
|
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
1,189,641 |
1,069,134 |
|
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
||
|
Lease obligations |
92,945 |
- |
|
Deferred taxation |
- |
2,662 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
92,945 |
2,662 |
|
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
1,222,480 |
1,088,551 |
|
============= |
============= |
|
|
FINANCED BY: |
||
|
SHARE CAPITAL |
||
|
Ordinary share capital |
100,000 |
100,000 |
|
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
100,000 |
100,000 |
|
RESERVES |
||
|
Retained profit/(loss) carried forward |
1,122,480 |
988,551 |
|
---------------- |
---------------- |
|
|
TOTAL RESERVES |
1,122,480 |
988,551 |
|
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
1,222,480 |
1,088,551 |
|
============= |
============= |
|
|
|
|
|
FINANCIAL RATIO
|
|
SENG THYE AGENCY SDN. BHD. |
|
TYPES OF FUNDS |
||
|
Cash |
384,816 |
599,016 |
|
Net Liquid Funds |
384,816 |
599,016 |
|
Net Liquid Assets |
1,116,987 |
801,122 |
|
Net Current Assets/(Liabilities) |
1,189,641 |
1,069,134 |
|
Net Tangible Assets |
1,222,480 |
1,088,551 |
|
Net Monetary Assets |
1,024,042 |
798,460 |
|
PROFIT & LOSS ITEMS |
||
|
Earnings Before Interest & Tax (EBIT) |
808,901 |
0 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
840,295 |
665,169 |
|
BALANCE SHEET ITEMS |
||
|
Total Borrowings |
92,945 |
0 |
|
Total Liabilities |
1,442,719 |
2,311,847 |
|
Total Assets |
2,665,199 |
3,400,398 |
|
Net Assets |
1,222,480 |
1,088,551 |
|
Net Assets Backing |
1,222,480 |
1,088,551 |
|
Shareholders' Funds |
1,222,480 |
1,088,551 |
|
Total Share Capital |
100,000 |
100,000 |
|
Total Reserves |
1,122,480 |
988,551 |
|
GROWTH RATIOS (Year on Year) (%) |
||
|
Revenue |
(37.82) |
- |
|
Proft/(Loss) Before Tax |
22.84 |
- |
|
Proft/(Loss) After Tax |
21.65 |
- |
|
Total Assets |
(21.62) |
- |
|
Total Liabilities |
(37.59) |
- |
|
LIQUIDITY (Times) |
||
|
Cash Ratio |
0.29 |
0.26 |
|
Liquid Ratio |
1.83 |
1.35 |
|
Current Ratio |
1.88 |
1.46 |
|
WORKING CAPITAL CONTROL (Days) |
||
|
Stock Ratio |
2 |
5 |
|
Debtors Ratio |
68 |
51 |
|
Creditors Ratio |
14 |
14 |
|
SOLVENCY RATIOS (Times) |
||
|
Gearing Ratio |
0.08 |
0 |
|
Liabilities Ratio |
1.18 |
2.12 |
|
Times Interest Earned Ratio |
263.92 |
0 |
|
Assets Backing Ratio |
12.22 |
10.89 |
|
PERFORMANCE RATIO (%) |
||
|
Operating Profit Margin |
7.27 |
3.68 |
|
Net Profit Margin |
5.72 |
2.92 |
|
Return On Net Assets |
66.17 |
60.26 |
|
Return On Capital Employed |
61.49 |
60.11 |
|
Return On Shareholders' Funds/Equity |
51.86 |
47.87 |
|
Dividend Pay Out Ratio (Times) |
0.79 |
0 |
|
NOTES TO ACCOUNTS |
||
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.78 |
|
|
1 |
INR 92.89 |
|
Euro |
1 |
INR 80.74 |
|
MYR |
1 |
INR 16.94 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.