NT-2409-00010

Yes.

Shin Solutions (M) Sdn Bhd is incorporated in 13.9.2022. In fact, it is upgraded from Shin Solutions which is incorporated in 15.9.2021. The nature of business is providing the engineering services related to mechanical and production line in manufacturing industry. We are providing our clients the advice and services from the step of design until the job is completed. Some examples of our completed jobs are including mechanical piping, UPW (Ultra Pure Water) system, deionization water treatment, mechanical piping and fabrication. Our clients base mostly come from manufacturer nationwide coverage. Our jobs are project basis and the length of the projects is normally within one year subject to the job scope provided.

The company is managed by two directors named Mr Tang Mun Sin and Mdm Ong Qiao Ru. Both of them are spouse. Mr Tang holds the 80% of shareholding while the rest of 20% owned by Mr Ong Keng Yeh who is an investor and does not involving of the business operation. Mr Tang is the founder and key person in the business. He is not only in charge of the sales but also has to monitor the job progressive status. He has more than 11 years of experience in the industry which came from the previous company named IPEX Solutions Sdn Bhd and he acted as one of directors in 2013.

The future plan is to expand the team and increase the capacity in order to tender more projects. Based on past 3 years of performance, the turnover is increasing steadily and expected to be grow further in in future 2-3 years. This is because the keyman has developed the wide connection and network over his past experience in the industry.

Based on the latest Financial Report of 2023, the turnover recorded as RM 1.98mil and the profit recorded as RM140k. The profit margin from last year is about 7% which will be further improved in this year. It is because we had recruited the subcontractor to complete some parts of our jobs due to lack of manpower in last year. This year the situation has been improved as our team has been expanded and we aim to complete the job by our own to increase the company profit margin.

The Sdn Bhd has been operating for 2 years. In fact, the total length of operation is about 3 years because the company is upgraded from Enterprise which is incorporated in Sep 2021.

The funds are used for working capital to support the operation cost especially the wages. Due to our nature business, our payments are subject to the job completion status. Meanwhile, we had expanded our team in order to increase our capacity. Wages contribute a lot to our operation cost. Thus, this fund can empower our cash flow to tender more jobs and increase the turnover.

N/A