|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
665210-H
|
|
COMPANY NAME
|
:
|
PRINSIP JENDELA SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
08/09/2004
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
ROOM A, 70-2 WISMA MAHAMEWAH, JALAN SUNGAI BESI, 2ND
FLOOR, 57100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
NO 50, JALAN BIDARA 2/5, TAMAN BIDARA, 68100 BATU CAVES,
SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-61369359/61387833
|
|
FAX.NO.
|
:
|
03-61376742
|
|
CONTACT PERSON
|
:
|
NG MOOI THENG ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
51223
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING IN FRUITS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 100,000.00
DIVIDED INTO
ORDINARY SHARE 100,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP
CAPITAL
|
:
|
MYR 2.00 DIVIDED INTO
ORDINARY SHARES 2 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 17,385,386 [2006]
|
|
NET WORTH
|
:
|
MYR 138,290 [2006]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
5 [2008]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STABLE
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
HIGH
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG 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) trading in fruits.
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 major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
MR. GAN YOKE YENG +
|
A-16A, TAMAN SALAK SELATAN, 57100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
611202-05-5097
6340463
|
1.00
|
|
MS. NG MOOI THENG +
|
C818, JALAN PS 1, TAMAN PRIMA, SELAYANG, 68100 BATU
CAVES, SELANGOR, MALAYSIA.
|
790119-14-5768
|
1.00
|
|
|
|
|
---------------
|
|
|
|
|
2.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. GAN YOKE YENG
|
|
Address
|
:
|
A-16A, TAMAN SALAK SELATAN, 57100 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
IC / PP No
|
:
|
6340463
|
|
New IC No
|
:
|
611202-05-5097
|
|
Date of Birth
|
:
|
02/12/1961
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
18/01/2005
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MS. NG MOOI THENG
|
|
Address
|
:
|
C818, JALAN PS 1, TAMAN PRIMA, SELAYANG, 68100 BATU
CAVES, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
790119-14-5768
|
|
Date of Birth
|
:
|
19/01/1979
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
18/01/2005
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
NG MOOI THENG
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
W K LEE & CO
|
|
Auditor' Address
|
:
|
ROOM B, 70-2, WISMA MAHAMEWAH, JALAN SUNGAI BESI, LEVEL
2, 57100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. LEE MUN CHEONG
|
|
|
IC / PP No
|
:
|
6807036
|
|
|
New IC No
|
:
|
620331-10-6668
|
|
|
Address
|
:
|
20, LORONG SS 23/19B, TAMAN SEA, 47300 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
|
Date of Appointment
|
:
|
18/01/2005
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MR. TAN KOK AUN
|
|
|
IC / PP No
|
:
|
5410922
|
|
|
New IC No
|
:
|
580522-08-5907
|
|
|
Address
|
:
|
20, LORONG SS 23/19B, TAMAN SEA, 47300 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
|
Date of Appointment
|
:
|
18/01/2005
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with above
mentioned banker(s). No adverse record was found during our investigation.
|
ENCUMBRANCE
(S)
No encumbrance was found in our databank at the time of investigation.
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
|
|
Overseas
|
:
|
YES
|
|
Import Countries
|
:
|
SOUTH AFRICA,NEW ZEALAND,UNITED STATES,CHINA
|
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
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CASH,CHEQUES
|
|
Type of Customer
|
:
|
WET MARKET,SUPERMARKETS
|
OPERATIONS
|
Goods Traded
|
:
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
CHOP TONG GUAN SDN BHD
|
|
KHAISHEN TRADING SDN BHD
|
|
LST FRESH FRUITS (M) SDN BHD
|
|
POO TRADING IMPORT & EXPORT SDN BHD
|
|
SAFTAX SDN BHD
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Total Number of
Employees:
|
|
|
YEAR
|
2008
|
2007
|
2006
|
2005
|
2004
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
5
|
4
|
4
|
4
|
3
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading in fruits.
The SC trades both local and imported fruits.
The SC sells a wide range of fruits include apples, oranges, mangoes, pineapples,
watermelons, grapes, pears, plums, rockmelons and others.
We were informed that the SC has cold storage facilities at its premises to
keep the freshness of the fruits.
According to the SC, the demand for fruits will be high during the festive
season.
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
|
:
|
03-61369359/61387833
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
50, JALAN BIDARA 2/5, TAMAN BIDARA, 68100 BATU CAVES,
SELANGOR.
|
|
Current Address
|
:
|
NO 50, JALAN BIDARA 2/5, TAMAN BIDARA, 68100 BATU CAVES,
SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the Senior staff from the SC and she provided some
information on the SC.
FINANCIAL
COMMENTS
Profitability:
|
Turnover
|
:
|
Increased
|
[
|
1,249.44%
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
352.28%
|
]
|
|
Return on Shareholder Funds
|
:
|
Favourable
|
[
|
82.37%
|
]
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
101.47%
|
]
|
The increase in turnover could be due to the SC adopting an aggressive marketing
strategy. The higher profit could be attributed to the increase in turnover.
Generally the SC was profitable. The favourable return on shareholders' funds
and return on net assets indicate that the SC's management was efficient in
utilising the assets to generate returns.
Working Capital Control:
|
Stock Ratio
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
13 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
10 Days
|
]
|
As the SC is a service oriented company, the SC does not need to keep 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
|
:
|
Favourable
|
[
|
1.17 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.17 Times
|
]
|
A minimum liquid ratio of 1 should be maintained by the SC in order to assure
its creditors of its ability to meet short term obligations and the SC was in
a good liquidity position. Thus, we believe the SC is able to meet all its
short term obligations as and when they fall due.
Solvency
|
Interest Cover
|
:
|
Nil
|
[
|
0.00 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.27 Times
|
]
|
The SC's interest cover was nil as it did not pay any interest during the year.
The SC was lowly geared thus it had a low financial risk. The SC was mainly
financed by its shareholders' funds and internally generated funds. In times
of economic slowdown / downturn, the SC being a lowly geared company, will be
able to compete better than those companies which are highly geared in the
same industry.
Overall Accessment:
Generally,
the SC's performance has improved with higher turnover and profit. The SC was
in good liquidity position with its total current liabilities well covered by
its total current assets. With its current net assets, the SC should be able
to repay 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 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 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
|
6.0
|
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
|
4.0
|
|
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
|
3.5
|
|
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
|
4.0
|
|
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
|
3.8
|
|
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
|
6.3
|
|
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
|
8.6
|
|
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
|
|
51223 : Wholesale of fruits
|
|
|
|
|
INDUSTRY :
|
FOOD & BEVERAGES
|
|
|
|
|
Food production is seen to expand further with the Government's policy to
reduce the food import bill and promote self-sufficiency by 2010 through expansion
of idle lands and mechanization of farming methods as well as promotion of
good farming practices. Areas of activity that will boost this sector
include aquaculture, deep-sea fishing, floriculture as well as herbs
cultivation.
|
|
Output of the food products industry grew significantly by 12.7%
(January-June 2006: 1.1%). This was driven by higher output in processing
and preserving of fish and fish products, which grew by 27.1% in tandem
with increased marine fish landings. In addition, the robust growth of food
products was also supported by increased output of dairy (16.0%) and grain
mill products (7.0%), in particular, rice milling which increased 17.7%,
benefiting from higher production of paddy. Meanwhile, other food products,
particularly, sugar refinery and biscuit products also registered
double-digit growth ranging between 23.0% and 25.0%.
|
|
Export receipts of food products increased by 15.9% (RM5,268 million) while
beverages 106.5% (RM580 million) as a result of continuous efforts by manufacturers
to attain quality assurance and accreditation for Malaysia's food and
beverages 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.
|
|
Production of 'halal' food will be further promoted to take advantage of
the vast potential of the 'halal' export market. This will include processing
and packaging of meat, fisheries and other food-based products. In
addition, Malaysia will be developed as the centre for the certification of
'halal' products and the Jabatan Kemajuan Islam Malaysia (JAKIM) 'halal'
certification will be promoted worldwide. Concerted efforts to develop
Malaysia as world halal hub to capture new markets worldwide would provide
impetus for further growth of the local food industry.
|
|
The market for convenience and functional foods is expected to grow rapidly
in view of the changing consumption patterns and greater awareness of
healthy lifestyles. In this regard, the production and supply of
ready-to-use seafood, livestock products and vegetable-based convenience
food will be promoted as new areas of investment. Palm oil and cocoa-based
food ingredients will be further developed in terms of products range and
quality. The better performance in the food products industry was also due
to greater efforts undertaken by the industry to keep pace with advancement
in technology.
|
|
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 : Strong Growth
|
COMMENTS
|
Incorporated in 2004, the SC is principally engaged in trading of both local
and imported fruits such as apples, oranges, mangoes, and etc. We noted
that the SC's paid up capital stands at only RM2. Thus the SC's management
should put more efforts on its business operations to maintain its
business. As a relatively new entity, the SC has slowly been building up
its clients base.
|
|
Investigation revealed that the SC's main income is generated via the local
market. Being highly dependent on one market segment limits the SC's
business expansion opportunities and places the SC at high business risk.
As the local market is already saturated, the growth prospects of the SC
are restricted thereto. The management of the SC is assisted by 5 employees
in the operations. Overall, its management capability is average.
|
|
During the financial year 2006, the SC's turnover and pre-tax profit stood
at RM17.38 million and RM146,413 respectively. Return on shareholders'
funds of the SC is high, indicating that the SC was efficient in utilising
its funds to generate return. Besides, the SC is in an adequate liquidity
position as well. This shows that the SC would be able to repay all its
short term obligations. Being a lowly geared company, the SC faces low
financial risk. The SC's overall financial performance is stable in 2006.
|
|
We noted that the SC sources its products locally and also from overseas
market. Being involved in import activities, the SC is exposed to foreign
exchange risk.
|
|
Our database indicates that there is no legal suit against the SC and its
payment record is good.
|
|
The industry shows an upward trend and it is likely to sustain in the near
term. However, as the SC is still new in the market, the SC faces stiff
competition from other long established players. Hence, the SC is required
to be more competitive in order to capture higher market shares and compete
with numerous players in the same field.
|
|
In view of the above, we recommend credit be granted to the SC normally.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
PRINSIP
JENDELA SDN BHD
|
|
For The Year
Ended 30-09-2006
|
|
|
2006
|
2005
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
17,385,386
|
1,288,341
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
146,413
|
32,372
|
|
|
|
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
146,413
|
32,372
|
|
Taxation
|
<32,497>
|
<8,000>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
113,916
|
------------
24,372
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
113,916
|
------------
24,372
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
113,916
|
------------
24,372
|
|
As previous reported
|
24,372
|
-
|
|
|
|
|
|
As restated
|
------------
24,372
|
------------
-
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
138,288
|
24,372
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
138,288
==========
|
------------
24,372
==========
|
|
RETAINED BY: The Company
|
138,288
|
24,372
|
|
|
|
|
|
|
|
|
|
|
------------
138,288
==========
|
------------
24,372
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
BALANCE SHEET
|
PRINSIP
JENDELA SDN BHD
|
|
As At
30-09-2006
|
|
|
|
|
|
|
2006
|
2005
|
|
|
MYR
|
MYR
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
FIXED ASSETS
|
39,771
|
40,528
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
39,771
|
------------
40,528
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
Trade debtors
|
598,663
|
-
|
|
Other debtors,
deposits & prepayments
|
111,721
|
2,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount due from
director
|
3,800
|
-
|
|
Cash & bank
balances
|
7,592
|
96,266
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
721,776
|
------------
98,866
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Trade creditors
|
453,532
|
51,346
|
|
Other creditors
& accruals
|
116,724
|
55,674
|
|
|
|
|
|
Bank overdraft
|
37,001
|
-
|
|
|
|
|
|
|
|
|
|
Provision for
taxation
|
10,000
|
7,000
|
|
TOTAL CURRENT LIABILITIES
|
------------
617,257
|
------------
114,020
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
104,519
|
------------
<15,154>
|
|
TOTAL NET ASSETS
|
------------
144,290
==========
|
------------
25,374
==========
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share
capital
|
2
|
2
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
2
|
------------
2
|
|
|
|
|
|
RESERVES
|
|
|
|
Retain
profit/(Accumulated loss) carried forward
|
138,288
|
24,372
|
|
|
|
|
|
TOTAL RESERVES
|
------------
138,288
|
------------
24,372
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
138,290
|
------------
24,374
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
Deferred taxation
|
6,000
|
1,000
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
6,000
|
------------
1,000
|
|
|
------------
|
------------
|
|
|
144,290
|
25,374
|
|
|
==========
|
==========
|
|
|
|
|
FINANCIAL RATIOS
|
PRINSIP
JENDELA SDN BHD
|
|
As At
30-09-2006
|
|
|
|
|
|
|
2006
|
2005
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
7,592
|
96,266
|
|
Net Liquid Funds
|
<29,409>
|
96,266
|
|
Net Liquid Assets
|
104,519
|
<15,154>
|
|
Net Current
Assets/(Liabilities)
|
104,519
|
<15,154>
|
|
Net Tangible Assets
|
144,290
|
25,374
|
|
Net Monetary Assets
|
98,519
|
<16,154>
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
37,001
|
0
|
|
Total Liabilities
|
623,257
|
115,020
|
|
Total Assets
|
761,547
|
139,394
|
|
Net Assets
|
144,290
|
25,374
|
|
Net Assets Backing
|
138,290
|
24,374
|
|
Shareholders"
Funds
|
138,290
|
24,374
|
|
Total Share Capital
|
2
|
2
|
|
Total Reserves
|
138,288
|
24,372
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
Cash Ratio
|
0.01
|
0.84
|
|
Liquid Ratio
|
1.17
|
0.87
|
|
Current Ratio
|
1.17
|
0.87
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
0
|
0
|
|
Debtors Ratio
|
13
|
0
|
|
Creditors Ratio
|
10
|
15
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0.27
|
0
|
|
Liabilities Ratio
|
4.51
|
4.72
|
|
Times Interest
Earned Ratio
|
0
|
0
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit
Margin
|
0.84
|
2.51
|
|
Net Profit Margin
|
0.66
|
1.89
|
|
Return On Net Assets
|
101.47
|
127.58
|
|
Return On Capital
Employed
|
80.76
|
127.58
|
|
Return On
Shareholders' Funds/Equity
|
82.37
|
99.99
|
|
Dividend Pay Out
Ratio (Times)
|
0
|
0
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent
Liabilities
|
0.00
|
0.00
|
|
|
|
|
|
