|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
189274-V
|
|
COMPANY NAME
|
:
|
APOLLO FOOD INDUSTRIES (M) SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
13/11/1989
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
SUITE 1301, CITY PLAZA, JALAN TEBRAU, 13TH FLOOR, 80300 JOHOR BAHRU,
JOHOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
NO 70 JALAN LANGKASUKA, LARKIN INDUSTRIAL AREA, 80350 JOHOR BAHRU,
JOHOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
07-2361997/2361337
|
|
FAX.NO.
|
:
|
07-2374748
|
|
EMAIL
|
:
|
apollof@apollofood.com.my
|
|
CONTACT PERSON
|
:
|
LIANG CHIANG HENG ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
15432
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURER OF CHOCOLATE CONFECTIONERY PRODUCTS
|
|
AUTHORISED CAPITAL
|
:
|
MYR
5,000,000.00 DIVIDED INTO
ORDINARY SHARE 5,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
5,000,000.00 DIVIDED INTO
ORDINARY SHARES 5,000,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 146,957,863 [2007]
|
|
NET WORTH
|
:
|
MYR 87,900,598 [2007]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
953 [2008]
|
|
BANKER (S)
|
:
|
|
OCBC BANK
(MALAYSIA) BHD
RHB BANK BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STABLE
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
|
|
HISTORY
/ BACKGROUND
The SC 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
SC must have at least two directors. A private limited company is a separate
legal entity from its shareholders. As a separate legal entity, the SC 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a / as an) manufacturer of chocolate
confectionery products.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The SC is not qualified to be one of the Top Corporate Performers in the
Malaysia 1000 (M1000) publication, a directory jointly published by Companies
Commission of Malaysia (The Registrar Office), Minister of Domestic Trade and
Consumer Affairs and our publication arm, BASIS Publications House Sdn Bhd.
The immediate holding company of the SC is APOLLO FOOD HOLDINGS BHD, a
company incorporated in MALAYSIA.
The ultimate holding company of the SC is KEYNOTE CAPITAL SDN BHD, a company
incorporated in MALAYSIA.
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
APOLLO FOOD HOLDINGS BHD
|
SUITE 1301, CITY PLAZA, JALAN TEBRAU, 13TH FLOOR, 80300 JOHOR BAHRU,
JOHOR, MALAYSIA.
|
291471
|
5,000,000.00
|
|
|
|
|
---------------
|
|
|
|
|
5,000,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. ABDUL RAHIM BIN BUNYAMIN
|
|
Address
|
:
|
11, JALAN MIMBAR U8/2B, BUKIT JELUTONG, 40150 SHAH ALAM, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
5438943
|
|
New IC No
|
:
|
530424-71-5359
|
|
Date of Birth
|
:
|
24/04/1953
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
01/12/2004
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. NG CHET CHIANG @ NG CHAT CHOON
|
|
Address
|
:
|
27, JALAN KEMUNCAK 6, TAMAN NONG CHIK, 80100 JOHOR BAHRU, JOHOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
0031796
|
|
New IC No
|
:
|
490119-01-5627
|
|
Date of Birth
|
:
|
19/01/1949
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
01/12/2004
|
|
|
|
|
|
|
|
|
|
Working Experience
|
:
|
IN-CHARGE OF THE TAX DIVISION OF SGV-KASSIM CHAN JB FROM 1979 TO
1982 BEFORE SETTING UP HIS OWN TAX PRACTICE KNOWN AS SELAMAT & NG TAX SERVICES
SDN BHD. STARTED CAREER WITH THE INLAND REVENUE DEPT AS A TAX OFFICER FROM
1971 TO 1979. ASSOCIATE MEMBER OF THE MALAYSIAN INSTITUTE OF TAXATION &
A LICENSED CO SEC.
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
LIANG KIM POH
|
|
Address
|
:
|
19, JALAN LOKAM, 537865, SINGAPORE.
|
|
IC / PP No
|
:
|
S1505887J
|
|
|
|
|
|
Date of Birth
|
:
|
08/06/1961
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
12/04/1990
|
DIRECTOR 4
|
Name Of Subject
|
:
|
LIANG KIM TEE
|
|
Address
|
:
|
25, THONG BEE ROAD, 778987, SINGAPORE.
|
|
IC / PP No
|
:
|
S0208459G
|
|
|
|
|
|
Date of Birth
|
:
|
18/11/1954
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
09/01/1997
|
DIRECTOR 5
|
Name Of Subject
|
:
|
LIANG CHIANG HENG
|
|
Address
|
:
|
2, VAUGHAN ROAD, 358076, SINGAPORE.
|
|
IC / PP No
|
:
|
S0214489A
|
|
|
|
|
|
Date of Birth
|
:
|
27/04/1950
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
LIANG CHIANG HENG
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
WENDY LOH
|
|
|
Position
|
:
|
ACCOUNTANT
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
ANDREW LIANG
|
|
|
Position
|
:
|
MARKETING DIRECTOR
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
ANDREW JOHN
|
|
|
Position
|
:
|
PRODUCTION MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
YEO & ASSOCIATES
|
|
Auditor' Address
|
:
|
46-03, JALAN TUN ABDUL RAZAK, SUSUR 1, 80000 JOHOR BAHRU, JOHOR,
MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. WOO MIN FONG
|
|
|
IC / PP No
|
:
|
3516413
|
|
|
New IC No
|
:
|
460531-01-5584
|
|
|
Address
|
:
|
5, JALAN PERDANA, 80300 JOHOR BAHRU, JOHOR, MALAYSIA.
|
|
|
Date of Appointment
|
:
|
12/08/2002
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
OCBC BANK (MALAYSIA) BHD
|
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s).
No adverse record was found during our investigation.
ENCUMBRANCE
(S)
ENCUMBRANCE 1
|
Date of Creation
|
:
|
31/12/1996
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM10,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
DCB BANK BHD
|
|
3, 3-01, 5, 5-01, JALAN PEMBANGUNAN, DESA RAHMAT, 81200 JOHOR
BAHRU, JOHOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 08/01/1997
|
|
Registered and Numbered 1 In The Register of Charges
|
LEGAL
CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia back dated since 1900.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Import Countries
|
:
|
ASIA
|
The SC 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
|
[
|
|
]
|
|
Good
|
[
|
X
|
]
|
|
Average
|
[
|
|
]
|
|
|
Fair
|
[
|
|
]
|
|
Poor
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
LETTER OF CREDIT (LC),TELEGRAPHIC TRANSFER (TT),CHEQUES
|
|
Type of Customer
|
:
|
WHOLESALERS,SUPERMARKETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
CHOCOLATE CONFECTIONERY PRODUCTS
|
|
|
|
|
|
|
Brand Name
|
:
|
|
APOLLO, NIKKO, BOY-BOY, MILTON, CHOCO-APOLLO, APOLLO ELICO, APOLLO
SWEETHEART, APOLLO SUPERBAR AND APOLLO SMART
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
CADBURY CONFECTIONERY MALAYSIA SDN BHD
|
|
GANDOUR (MALAYSIA) SDN BHD
|
|
KL-KEPONG COCOA PRODUCTS SDN BHD
|
|
MAESTRO SWISS CORPORATION (M) SDN BHD
|
|
NESTLE ASEAN (MALAYSIA) SDN BHD
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Shifts
|
:
|
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2008
|
2007
|
2006
|
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
953
|
750
|
620
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturer of chocolate
confectionery products.
The SC produces a wide range of finest layer cakes,stick wafer, waferballs
and others.
We were informed that the SC's products are mainly made by chocolates.
The SC products are packed in tins, boxes, plastic bags and others.
PROJECTS
No projects found in our databank
RECENT
DEVELOPMENT
We have checked with the Malaysian National News Agency's (BERNAMA)database,
but no latest development was noted in our investigation.
CURRENT
INVESTIGATION
Latest fresh investigations
carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
07-2361997/2361337
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
P O BOX 90, 70, 80710, JOHOR BAHRU, JOHOR, WEST MALAYSIA
|
|
Current Address
|
:
|
NO 70 JALAN LANGKASUKA, LARKIN INDUSTRIAL AREA, 80350 JOHOR BAHRU,
JOHOR, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We conducted an interview with Ms Niza from the SC's Admin Department. She
revealed some information pertaining to the SC.
FINANCIAL
COMMENTS
Profitability:
|
Turnover
|
:
|
Increased
|
[
|
8.04%
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
7.04%
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
22.53%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
23.63%
|
]
|
The higher turnover could be attributed to the favourable market condition. The
SC's management have been efficient in controlling its operating costs. The
SC's management had generated acceptable return for its shareholders using
its assets.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
29 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
17 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
7 Days
|
]
|
The SC's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The favourable debtors' days could be due
to the good credit control measures implemented by the SC. The SC had a
favourable creditors' ratio as evidenced by its favourable collection days.
The SC could be taking advantage of the cash discounts and also wanting to
maintain goodwill with its creditors.
Liquidity:
|
Liquid Ratio
|
:
|
Acceptable
|
[
|
0.92 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.12 Times
|
]
|
The SC's liquid ratio was slightly low. This could indicate that the SC's working
capital was slightly deficient. The SC will have to improve its liquidity
position either by obtaining short term financing or increase its paid up
capital so that it can meet all its short term obligations as and when they
fall due.
Solvency
|
Interest Cover
|
:
|
Nil
|
[
|
0.00 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 Times
|
]
|
The SC's interest cover was nil as it did not pay any interest during the
year. The SC had no gearing and hence it had virtually no financial risk. The
SC was financed by its shareholders' funds and internally generated fund.
During the economic downturn, the SC, having a zero gearing, will be able to
compete better than those which are highly geared in the same industry.
Overall Accessment:
Generally, the
SC's performance has improved with higher turnover and profit. The SC's
liquidity was at an acceptable range. If the SC is able to obtain further
short term financing, it should be able to meet all its short term
obligations. The SC did not make any interest payment during the year. The SC
was dependent on its shareholders' funds to finance its business needs. The
SC was a zero gearing company, it was solely dependant on its shareholders to
provide funds to finance its business. The SC has good chance of getting
loans, if the needs arises.
Overall financial condition of the SC : STABLE
ECONOMIC
/ INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2004
|
2005
|
2006
|
2007*
|
2008**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
25.58
|
26.13
|
26.64
|
27.17
|
27.73
|
|
Gross Domestic Products ( % )
|
7.1
|
5.3
|
5.8
|
6.3
|
6.5
|
|
Domestic Demand ( % )
|
7.5
|
7.3
|
7.0
|
9.0
|
6.8
|
|
Private Expenditure ( % )
|
13.1
|
9.5
|
7.0
|
8.6
|
8.2
|
|
Consumption ( % )
|
10.5
|
9.2
|
7.1
|
9.0
|
7.9
|
|
Investment ( % )
|
25.8
|
8.5
|
7.0
|
7.1
|
9.5
|
|
Public Expenditure ( % )
|
<2.1>
|
3.6
|
6.8
|
10.1
|
3.2
|
|
Consumption ( % )
|
6.0
|
5.4
|
5.0
|
10.8
|
5.5
|
|
Investment ( % )
|
<8.7>
|
1.9
|
8.9
|
9.3
|
0.5
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
80,663
|
99,760
|
108,192
|
99,965
|
99,599
|
|
Government Finance ( MYR Million )
|
<19,419>
|
<18,684>
|
<19,109>
|
<19,948>
|
<20,933>
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<4.3>
|
<3.8>
|
<3.3>
|
<3.2>
|
<3.1>
|
|
Inflation ( % Change in Composite CPI)
|
1.4
|
3.1
|
3.9
|
4.0
|
5.0
|
|
Unemployment Rate
|
3.5
|
3.5
|
3.4
|
3.5
|
3.3
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
254
|
266
|
290
|
-
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
13.84
|
13.63
|
12.91
|
-
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
8.46
|
6.74
|
5.41
|
-
|
-
|
|
Average Base Lending Rate ( % )
|
5.99
|
6.00
|
6.61
|
-
|
-
|
|
Business Loans Disbursed( % )
|
10.5
|
8.7
|
<2.5>
|
-
|
-
|
|
Foreign Investment ( MYR Million )
|
13,143.9
|
17,882.9
|
20,228.0
|
-
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
38,580
|
37,474
|
38,293
|
-
|
-
|
|
Registration of New Companies ( % )
|
6.8
|
<2.9>
|
2.2
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
3,334
|
3,069
|
8,647
|
-
|
-
|
|
Liquidation of Companies ( % )
|
<15.8>
|
<7.9>
|
181.8
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
189,206
|
193,095
|
216,147
|
-
|
-
|
|
Registration of New Business ( % )
|
4.6
|
2.1
|
11.9
|
-
|
-
|
|
Business Dissolved ( No. )
|
51,301
|
73,355
|
52,879
|
-
|
-
|
|
Business Dissolved ( % )
|
7.0
|
43.0
|
<27.9>
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
380.6
|
400.8
|
374.1
|
-
|
-
|
|
Cellular Phone Subscribers ( Million )
|
14.6
|
18.5
|
19.5
|
21.3
|
-
|
|
Tourist Arrival ( Million Persons )
|
15.7
|
16.7
|
17.5
|
20.1
|
-
|
|
Hotel Occupancy Rate ( % )
|
60.8
|
63.6
|
64.8
|
-
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
19.3
|
13.9
|
15.4
|
-
|
-
|
|
Bad Cheque Offenders (No.)
|
70,465
|
57,316
|
36,555
|
-
|
-
|
|
Individual Bankruptcy ( No.)
|
16,251
|
15,868
|
13,596
|
-
|
-
|
|
Individual Bankruptcy ( % )
|
31.6
|
<2.4>
|
<14.3>
|
-
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2004
|
2005
|
2006
|
2007*
|
2008**
|
|
|
|
|
|
|
|
|
Agriculture
|
5.0
|
2.5
|
5.3
|
3.1
|
3.4
|
|
Palm Oil
|
3.9
|
7.1
|
5.8
|
<0.6>
|
-
|
|
Rubber
|
16.5
|
<2.9>
|
12.6
|
1.0
|
-
|
|
Forestry & Logging
|
4.3
|
2.0
|
<0.4>
|
2.8
|
-
|
|
Fishing
|
5.5
|
<0.4>
|
9.3
|
5.2
|
-
|
|
Other Agriculture
|
2.4
|
3.2
|
5.3
|
7.0
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
620.3
|
563.7
|
516.5
|
487.3
|
0
|
|
% of Industry Non-Performing Loans
|
1.38
|
1.19
|
1.06
|
1.08
|
0
|
|
|
|
|
|
|
|
|
Mining
|
3.9
|
0.8
|
<0.4>
|
3.3
|
6.0
|
|
Oil & Gas
|
4.5
|
1.6
|
4.6
|
-
|
-
|
|
Other Mining
|
<8.0>
|
<1.0>
|
5.1
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
62.6
|
68.8
|
55.4
|
42.2
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
9.8
|
5.1
|
7.3
|
3.1
|
1.8
|
|
Exported-oriented Industries
|
15.5
|
3.0
|
11.1
|
<1.9>
|
-
|
|
Electrical & Electronics
|
17.8
|
3.6
|
13.4
|
3.0
|
-
|
|
Rubber Products
|
14.8
|
2.4
|
0.4
|
8.0
|
-
|
|
Wood Products
|
12.7
|
0.9
|
0.7
|
3.3
|
-
|
|
Textiles & Apparel
|
<11.7>
|
<4.4>
|
12.6
|
<10.1>
|
-
|
|
Domestic-oriented Industries
|
9.7
|
6.9
|
5.0
|
5.3
|
-
|
|
Food, Beverages & Tobacco
|
3.8
|
7.7
|
4.8
|
5.6
|
-
|
|
Chemical & Chemical Products
|
14.6
|
6.9
|
1.7
|
9.2
|
-
|
|
Plastic Products
|
13.5
|
18.6
|
21.3
|
<3.6>
|
-
|
|
Iron & Steel
|
2.7
|
<6.7>
|
<6.9>
|
17.5
|
-
|
|
Fabricated Metal Products
|
29.2
|
<7.5>
|
20.0
|
26.2
|
-
|
|
Non-metallic Mineral
|
<4.8>
|
<6.0>
|
<1.9>
|
6.6
|
-
|
|
Transport Equipment
|
8.6
|
10.4
|
5.3
|
<19.0>
|
-
|
|
Paper & Paper Products
|
2.3
|
4.6
|
4.1
|
14.9
|
-
|
|
Crude Oil Refineries
|
<2.4>
|
8.2
|
12.1
|
8.6
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
7,765.4
|
6,035.6
|
6,181.3
|
6,366.2
|
-
|
|
% of Industry Non-Performing Loans
|
17.3
|
12.7
|
12.7
|
14.1
|
-
|
|
|
|
|
|
|
|
|
Construction
|
<1.5>
|
<1.6>
|
<0.5>
|
5.2
|
5.5
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,547.7
|
5,172.7
|
5,527.3
|
5,116.7
|
-
|
|
% of Industry Non-Performing Loans
|
12.4
|
10.9
|
11.4
|
11.3
|
-
|
|
|
|
|
|
|
|
|
Services
|
6.8
|
6.6
|
7.2
|
9.0
|
7.7
|
|
Electric, Gas & Water
|
8.1
|
5.5
|
5.2
|
4.6
|
5.0
|
|
Transport, Storage & Communication
|
8.5
|
6.3
|
5.2
|
7.6
|
7.8
|
|
Wholesale, Retail, Hotel & Restaurant
|
7.1
|
8.0
|
7.1
|
11.6
|
10.0
|
|
Finance, Insurance & Real Estate
|
6.3
|
7.0
|
7.7
|
10.7
|
9.2
|
|
Government Services
|
6.5
|
7.6
|
9.8
|
4.6
|
8.6
|
|
Other Services
|
4.9
|
5.0
|
4.7
|
5.0
|
5.9
|
|
Industry Non-Performing Loans ( MYR Million )
|
8,913.7
|
8,716.8
|
11,593.2
|
10,207.8
|
-
|
|
% of Industry Non-Performing Loans
|
19.9
|
18.4
|
23.9
|
22.6
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
|
|
|
|
|
|
|
INDUSTRY COMMENTS
|
MSIC CODE
|
|
15432 : Manufacture of chocolate products and sugar confectionery
|
|
|
|
|
INDUSTRY :
|
FOOD & BEVERAGES
|
|
|
|
|
|
|
Agricultural output will be further boosted by the projected increase in food
production resulting from the various incentives and development programmes
mounted by the government to reduce the high food import bill as well as to
raise farmers' income through diversification into high value food crops
and farming, including aquaculture, floriculture and cultivation of
medicinal plants.
|
|
During the January to November 2007, domestic food manufacturing surged by
7.9%. The food and beverage sector remains dynamic with the opening of new
international and local food chains and outlets throughout the country. The
industry's potential has also attracted the interest of investors in
hospitality-linked companies including the introduction of a new budget
hotel chain patterned after the concept of budget airlines.
|
|
Agricultural produces for food is one of the main thrusts of the Government
towards country's self-sufficiency, and also as a major contributor to the
country's development. The objective is expected to be achieved through
concerted efforts to reduce food imports and fully utilise the nation's
resources. Imports of meat products currently stand at about RM2 billion
annually.
|
|
In addition, turning Malaysia into a halal food hub is still on the agenda,
which partly supports the positive outlook on the domestic food industry;
this is a niche market that is not seen to be vulnerable to the effects of
an economic slowdown in the US. Meanwhile, another area that has
experienced growth and is poised to expand further this year is the
processing and preservation of fish and fish products.
|
|
The Government has identified the processed food industry as one of the
major growth sectors of the economy under the Ninth Malaysia Plan (9MP).
Under the 9MP, the food commodities subsector is expected to grow at an
average rate of 7.6% per annum through improvements in efficiency and
productivity as well as expansion in hectarage. Exports of food commodities
will be increased to achieve a positive food trade balance. The production
of 'padi' will be increased to meet the target of self-sufficiency level of
90%. The production of fruits will be undertaken on a large-scale in the
fruit production zones using the cluster development approach and
concentrating on nine fruit species which have export potential. The
production of vegetables will focus on high value varieties for local
consumption and selected export markets. The Green Book Programme to
promote cultivation of food crops at the community level will be
reactivated.
|
|
The Government has approved an allocation of RM11.4 billion representing an
increase of 70% compared with the Eighth Plan allocation for the sector.
Among the objectives of the plan are large-scale commercial farming and
greater application of modern technology and ICT to produce higher
value-added processed food and food products.
|
|
Note : The Ninth Malaysia Plan (9MP) was tabled in Parliament on March 31,
2006, is the five-year blueprints within the new National Mission policy
and implementation framework from now until 2010. Malaysia is expected to
see some structural changes and improved performance in the economy
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
COMMENTS
|
Established in 1989, the SC is principally engaged in the manufacture of chocolate
confectionery product. With its long presence in the industry coupled with
its vast experiences in the business, the SC should have built up a certain
goodwill with its clients over times. Good reputation build up over the
years has given the SC an edge when competing in the industry. With RM5
million in issued and paid up capital, the SC has the potential of
capturing a higher market shares as it is competing aggressively in the
market.
|
|
In order to further grow the business, the SC has broaden its reach and
penetrated into the global market. At present, the SC derived its incomes
from overseas markets such as ASIAN countries. The wider range of its
market segments has benefited the SC in terms of higher earnings and
minimised its business risk. Operating on a large scale, the SC has
approximately 953 employees in its operation. The SC's management team is
headed by its Managing Director, Liang Chiang Heng. Overall the management
capability of the SC is good.
|
|
During the financial year 2007, the SC posted pre-tax profit of RM23.79
million and its turnover stood at RM146.96 million. The SC generated a
favourable return on shareholders' funds indicating that the SC was
efficient in utilising its shareholders' funds to generate favourable returns.
However, the SC is in a weak liquidity position. It may face problems in
meeting its short term obligations. As a zero geared company, the SC has
nil financial risk. The SC should be able to maintain its business in the
near term, given a positive net worth standing at RM87.9 million.
|
|
Investigation revealed that the SC sources its raw materials from both
local and overseas countries. As a result, the SC is exposed to foreign
currency fluctuation risk.
|
|
Based on its financial historical data, the SC's payment record is good.
This implies good credit control.
|
|
The rising population, improvement in quality of life and higher propensity
to consume will further increase the demand for food products. We believe
that the encouraging demand for the SC's products would present more
business opportunities for the SC.
|
|
In view of the above, we recommend credit be granted to the SC promptly.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
APOLLO FOOD
INDUSTRIES (M) SDN BHD
|
|
For The Year
Ended 30-April-2007
|
|
|
2007
|
2006
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
146,957,863
|
136,016,037
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
23,797,971
|
22,231,988
|
|
|
|
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
23,797,971
|
22,231,988
|
|
Taxation
|
<3,996,062>
|
<4,678,164>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
19,801,909
|
------------
17,553,824
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
19,801,909
|
------------
17,553,824
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
19,801,909
|
------------
17,553,824
|
|
As previous reported
|
71,026,705
|
60,672,881
|
|
|
|
|
|
As restated
|
------------
71,026,705
|
------------
60,672,881
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
90,828,614
|
78,226,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
<10,950,000>
|
<7,200,000>
|
|
|
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
79,878,614
==========
|
------------
71,026,705
==========
|
|
RETAINED BY: The Company
|
79,878,614
|
71,026,705
|
|
|
|
|
|
|
|
|
|
|
------------
79,878,614
==========
|
------------
71,026,705
==========
|
|
|
|
|
BALANCE SHEET
|
APOLLO FOOD
INDUSTRIES (M) SDN BHD
|
|
As At
30-April-2007
|
|
|
|
|
|
|
2007
|
2006
|
|
|
MYR
|
MYR
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
FIXED ASSETS
|
82,070,824
|
70,415,107
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Investment properties
|
11,521,956
|
11,528,877
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
11,521,956
|
------------
11,528,877
|
|
TOTAL LONG TERM ASSETS
|
------------
93,592,780
|
------------
81,943,984
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
11,611,087
|
11,239,456
|
|
|
|
|
|
Trade debtors
|
7,032,602
|
7,506,050
|
|
Other debtors, deposits &
prepayments
|
4,779,798
|
1,477,298
|
|
Short term deposits
|
16,048,585
|
23,891,565
|
|
|
|
|
|
Amount due from subsidiary
companies
|
8,091,391
|
13,046,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
12,464,355
|
2,270,546
|
|
|
|
|
|
tax recoverable
|
4,325,641
|
2,177,864
|
|
TOTAL CURRENT ASSETS
|
------------
64,353,459
|
------------
61,609,438
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Trade creditors
|
2,727,916
|
2,411,652
|
|
Other creditors & accruals
|
4,709,346
|
2,558,197
|
|
|
|
|
|
|
|
|
|
Amounts owing to holding
companies
|
49,792,364
|
47,976,694
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
57,229,626
|
------------
52,946,543
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
7,123,833
|
------------
8,662,895
|
|
TOTAL NET ASSETS
|
------------
100,716,613
==========
|
------------
90,606,879
==========
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share capital
|
5,000,000
|
5,000,000
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
5,000,000
|
------------
5,000,000
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
General reserve
|
3,021,984
|
3,021,984
|
|
|
|
|
|
Retain profit/(Accumulated loss)
carried forward
|
79,878,614
|
71,026,705
|
|
|
|
|
|
TOTAL RESERVES
|
------------
82,900,598
|
------------
74,048,689
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
87,900,598
|
------------
79,048,689
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
Deferred taxation
|
11,535,550
|
11,098,550
|
|
|
|
|
|
Retirement benefits provision
|
1,280,465
|
459,640
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
12,816,015
|
------------
11,558,190
|
|
|
------------
|
------------
|
|
|
100,716,613
|
90,606,879
|
|
|
==========
|
==========
|
|
|
|
|
FINANCIAL RATIOS
|
APOLLO FOOD
INDUSTRIES (M) SDN BHD
|
|
As At 30-April-2007
|
|
|
|
|
|
|
2007
|
2006
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
28,512,940
|
26,162,111
|
|
Net Liquid Funds
|
28,512,940
|
26,162,111
|
|
Net Liquid Assets
|
<4,487,254>
|
<2,576,561>
|
|
Net Current Assets/(Liabilities)
|
7,123,833
|
8,662,895
|
|
Net Tangible Assets
|
100,716,613
|
90,606,879
|
|
Net Monetary Assets
|
<17,303,269>
|
<14,134,751>
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
0
|
0
|
|
Total Liabilities
|
70,045,641
|
64,504,733
|
|
Total Assets
|
157,946,239
|
143,553,422
|
|
Net Assets
|
100,716,613
|
90,606,879
|
|
Net Assets Backing
|
87,900,598
|
79,048,689
|
|
Shareholders" Funds
|
87,900,598
|
79,048,689
|
|
Total Share Capital
|
5,000,000
|
5,000,000
|
|
Total Reserves
|
82,900,598
|
74,048,689
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
Cash Ratio
|
0.50
|
0.49
|
|
Liquid Ratio
|
0.92
|
0.95
|
|
Current Ratio
|
1.12
|
1.16
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
29
|
30
|
|
Debtors Ratio
|
17
|
20
|
|
Creditors Ratio
|
7
|
6
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0
|
0
|
|
Liabilities Ratio
|
0.80
|
0.82
|
|
Times Interest Earned Ratio
|
0
|
0
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit Margin
|
16.19
|
16.35
|
|
Net Profit Margin
|
13.47
|
12.91
|
|
Return On Net Assets
|
23.63
|
24.54
|
|
Return On Capital Employed
|
23.63
|
24.54
|
|
Return On Shareholders'
Funds/Equity
|
22.53
|
22.21
|
|
Dividend Pay Out Ratio (Times)
|
0.55
|
0.41
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
|
|
|
|
|
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