|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
560511-X
|
|
COMPANY NAME
|
:
|
GPA TECHNOLOGIES SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
03/10/2001
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
8-3, JALAN
SEGAMBUT, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 5031 &
5032, JALAN TERATAI, OFF JALAN MERU, 41050 KLANG, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-33927180/33929423
|
|
FAX.NO.
|
:
|
03-33920918
|
|
CONTACT PERSON
|
:
|
OSMAN BIN MOHD ZAIN ( DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
31400
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURING
AND SALE OF SEALED LEAD ACID BATTERIES
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
1,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR 500,000.00
DIVIDED INTO
ORDINARY SHARES 500,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 6,264,903 [2007]
|
|
NET WORTH
|
:
|
MYR 2,444,840 [2007]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
350 [2008]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
FAIR
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
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) manufacturing and sale of
sealed lead acid batteries.
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 GP PRODUCTS SDN BHD, a company
incorporated in MALAYSIA.
The ultimate holding company of the SC is GPA HOLDINGS BERHAD, a company
incorporated in MALAYSIA.
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
GP PRODUCTS SDN BHD
|
8-3, JALAN SEGAMBUT, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
204551
|
500,000.00
|
|
|
|
|
---------------
|
|
|
|
|
500,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. LEE KOK YONG
|
|
Address
|
:
|
120, JALAN TERASEK, BANGSAR BARU, 59100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
7761906
|
|
New IC No
|
:
|
461217-10-5439
|
|
Date of Birth
|
:
|
17/12/1946
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
|
|
|
|
|
|
|
|
Qualification
|
:
|
DIP IN BANKING FROM INT. OF BANKERS, LONDON
|
|
Working Experience
|
:
|
10 YEARS EXPERIENCE IN BANKING INDUSTRY UNTIL 1982 WITH LEASING CO,
MALAYSIAN RESOURCES CREDIT & LEASING S/B UNTIL 1989
|
|
Other Info
|
:
|
MS ISO 9002
|
DIRECTOR 2
|
Name Of Subject
|
:
|
DATO' OSMAN BIN MOHD ZAIN
|
|
Address
|
:
|
2675, JALAN PERMATA 23, TAMAN PERMATA, 57100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
A3412037
|
|
New IC No
|
:
|
331106-08-5433
|
|
Date of Birth
|
:
|
06/11/1933
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. GAN LOCK YONG @ GAN CHOON HUR
|
|
Address
|
:
|
21, JALAN SS 21/6, DAMANSARA UTAMA, 47400 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
4137361
|
|
New IC No
|
:
|
501029-01-5149
|
|
Date of Birth
|
:
|
29/10/1950
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
|
|
|
|
Working Experience
|
:
|
JOINED JASA KITA TRADING S/B AS ACC & CCREDIT CONTROLLER IN 1983
FIN MANAGER OF JASA KITA GROUP
|
|
Other Info
|
:
|
FELLOW OF THE ASS OF INTERNATIONAL ACC, UK MEMBER OF THE NATIONAL
INST. OF ACC, AUS
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
OSMAN BIN MOHD ZAIN
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
PRICEWATERHOUSECOOPERS
|
|
Auditor' Address
|
:
|
WISMA SIME DARBY, JALAN RAJA LAUT, 11TH FLOOR, 50350 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. LIM LAI SAM
|
|
|
IC / PP No
|
:
|
7353189
|
|
|
New IC No
|
:
|
640525-08-6034
|
|
|
Address
|
:
|
20-12B-3A, ANGKUPURI CONDOMINIUM, JALAN 1/70C, JALAN BUKIT KIARA,
50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. LEUNG YOKE MENG
|
|
|
IC / PP No
|
:
|
A1470376
|
|
|
New IC No
|
:
|
700624-10-5132
|
|
|
Address
|
:
|
1, JALAN SRI CHERAS 10, TAMAN SERI CHERAS, BATU 9, 43200 CHERAS,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
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
|
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
|
[
|
|
]
|
|
Average
|
[
|
|
]
|
|
|
Fair
|
[
|
X
|
]
|
|
Poor
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
30 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
|
|
Type of Customer
|
:
|
END USERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
SEALED LEAD ACID BATTERIES
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
AMALGAMATED BATTERIES MANUFACTURING (SARAWAK) SDN BHD
|
|
COMMERCIAL PRODUCTS INDUSTRIES SDN BHD
|
|
DYNA PLASTICS SDN BHD
|
|
ENERGIZER MALAYSIA SDN BHD
|
|
GP BATTERIES (MALAYSIA) SDN BHD
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2008
|
2007
|
2006
|
|
|
|
|
|
|
|
|
|
GROUP
|
350
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
20
|
15
|
9
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing and sale of
sealed lead acid batteries.
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
|
:
|
6 03 3392 7180 & 3392 9423
|
|
Current Telephone Number
|
:
|
03-33927180/33929423
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
LOT 5031 & 5032 JALA TERATAI 5 1/2 MILES OFF JALAN MERU 41050
LONG SELANGOR DARUL
|
|
Current Address
|
:
|
LOT 5031 & 5032, JALAN TERATAI, OFF JALAN MERU, 41050 KLANG,
SELANGOR, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We conducted an interview with the SC's staff, Ms Uma. She furnished us some
information on the SC.
We have verfied and confirmed that the address provided is incomplete.
FINANCIAL
COMMENTS
Profitability:
|
Turnover
|
:
|
Increased
|
[
|
38.23%
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
14.85%
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
11.33%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
13.62%
|
]
|
The increase in turnover could be due to the SC adopting an aggressive
marketing strategy. The dip in profit could be due to the stiff market
competition which reduced the SC's profit margin. The SC's management had
generated acceptable return for its shareholders using its assets.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
43 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
18 Days
|
]
|
|
Creditors Ratio
|
:
|
Unfavourable
|
[
|
84 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
unfavourable creditors' ratio could be due to the SC taking advantage of the
credit granted by its suppliers. However this may affect the goodwill between
the SC and its suppliers and the SC may inadvertently have to pay more for
its future supplies.
Liquidity:
|
Liquid Ratio
|
:
|
Favourable
|
[
|
1.83 Times
|
]
|
|
Current Ratio
|
:
|
Favourable
|
[
|
2.32 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
|
[
|
0.00 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:
Although the
SC's turnover had increased, its profits had declined over the same
corresponding period. This could be due to the stiffer market competition and
/ or higher operating costs which lowered the SC's profit margin. 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 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 : STRONG
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
|
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
|
3.4
|
|
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
|
|
31400 : Manufacture of accumulators, primary cells and primary
batteries
|
|
|
|
|
INDUSTRY :
|
ELECTRICAL & ELECTRONIC
|
|
|
|
|
|
|
Malaysia targets its exports to grow about 7% in year 2008 from the RM605 billion
in year 2007 riding on the fast-growing China and India markets and
underpinned by the electrical and electronic (E&E) sector.
|
|
Exports in 2007 grew at a slower pace of 2.74% year-on-year from RM588.96
billion in 2006. Total trade in 2007 was RM1.11 trillion, up 3.73% from
RM1.07 trillion in 2006.
|
|
China and India, whose economies have been projected to grow 10.8% and 8.4%
respectively, would be the major contributors to Malaysia's export growth. Emerging
markets including the South Africa, Pakistan, Mexico and Turkey are also
expected to contribute significantly.
|
|
Asean member countries, which are expected to sustain an average 6.1%
growth, would be another major market for Malaysia's exports. Now, Asean
absorbs about 25% of the exports.
|
|
In 2007, E&E exports were RM266.38 billion, down 5.2% from RM281.02
billion in 2006. The E&E products would continue to be the largest
contributor to manufactured exports in 2008.
|
|
Despite the contraction in output and poor export performance of the
industry in 2007, the E&E segment (particularly electronics) is still
expected to become a major force in the Asia-Pacific region. The industry
is considered to keep up its momentum in expansion and reinvestment
activities. This indicates that although exports have fallen due to the
weak external market, foreign firms are observed to be ramping up their
capacities in the domestic market, which points to steady confidence in
local demand.
|
|
E&E products enhancing the performance of this industry are industrial
electronics following from the rapidly growing of Information and
Communications Technology ("ICT"), Internet facilities as well as
parts and components such as disk drives, data storage media and also newer
technology associated.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
COMMENTS
|
Incorporated in 2001, the SC is a private limited company, focusing on manufacturing
and selling of sealed lead acid batteries. Throughout its years of
establishment, the SC has slowly been building up contacts with its clients
and competing in the industry. With an issued and paid up capital of
RM500,000, the SC has strong backing from its holding company, GP Products
Sdn Bhd. As such, the SC has the ability to further expand its business in
the future.
|
|
With its continuous expansion, the SC has slowly been expanding its
business operations to overseas countries among Asia. This global move
should have benefited the SC in term of higher earnings and minimised its
business risk. Hence, we believe that the SC has better business expansion
opportunities in the future. The Group is a large entity with a work force
of 350 while the SC is assisted by 20 employees. Headed by its director,
Osman bin Mohd Zain, its business operation is considered stable. Overall
the management capability of the SC is average.
|
|
Financially, the SC registered a higher turnover of RM6.26 million in year
2007 compared to RM4.53 million previously. However, its pre-tax profit has
moderated by 14.85% to RM344,210. The lower profit achieved was a result of
higher operating cost and increased competition. Return on shareholders'
funds of the SC was at an acceptable range which indicated that the
management was efficient in utilising its funds to generate income. The SC
was in good liquidity position with its current liabilities well covered by
its current assets. Hence, it has sufficient working capital to meet its
short term financial obligations. As a zero gearing company, the SC
virtually has no financial risk as it is mainly dependent on its internal
funds to finance its business needs. Given a positive net worth standing at
RM2.44 million, the SC should be able to maintain its business in the near
terms.
|
|
Investigation revealed that the SC sources its raw materials from both
local and overseas countries. About 40% of the SC's products are imported from
Asia countries. As a result, the SC is exposed to foreign currency
fluctuation risk.
|
|
Based on our financial historical data, we concluded that the SC's overall
payment habit is fair and the SC is clear from any litigation.
|
|
The electrical and electronic products would continue to be the largest
contributor to manufactured exports. The industry remains attractive with
the continuous investment in advance technology. With the promising outlook
of the industry performance, the SC business potential should be
favourable.
|
|
Based on the above condition, we recommend a fairly large amount of credit
be granted to the SC promptly.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
GPA
TECHNOLOGIES SDN BHD
|
|
For The Year
Ended 31-March-2007
|
|
|
|
|
|
|
2007
|
2006
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
6,264,903
|
4,532,223
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
344,210
|
404,235
|
|
|
|
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
344,210
|
404,235
|
|
Taxation
|
<67,292>
|
<48,920>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
276,918
|
------------
355,315
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
276,918
|
------------
355,315
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
276,918
|
------------
355,315
|
|
As previous reported
|
1,667,922
|
1,312,607
|
|
|
|
|
|
As restated
|
------------
1,667,922
|
------------
1,312,607
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
1,944,840
|
1,667,922
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
1,944,840
==========
|
------------
1,667,922
==========
|
|
RETAINED BY: The Company
|
1,944,840
|
1,667,922
|
|
|
|
|
|
|
------------
1,944,840
==========
|
------------
1,667,922
==========
|
|
|
|
|
BALANCE SHEET
|
GPA
TECHNOLOGIES SDN BHD
|
|
As At
31-March-2007
|
|
|
|
|
|
|
2007
|
2006
|
|
|
MYR
|
MYR
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
FIXED ASSETS
|
502,960
|
560,301
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
502,960
|
------------
560,301
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
744,926
|
271,052
|
|
|
|
|
|
Trade debtors
|
311,769
|
170,548
|
|
Other debtors, deposits &
prepayments
|
6,945
|
174,942
|
|
|
|
|
|
|
|
|
|
Amount due from holding company
|
847,390
|
1,091,577
|
|
|
|
|
|
Amount due from related
companies
|
1,385,602
|
50,886
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
101,201
|
588,354
|
|
|
|
|
|
Tax recoverable
|
162,565
|
136,387
|
|
TOTAL CURRENT ASSETS
|
------------
3,560,398
|
------------
2,483,746
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Trade creditors
|
1,433,755
|
726,963
|
|
Other creditors & accruals
|
101,465
|
79,334
|
|
|
|
|
|
|
|
|
|
Amount due to ultimate holding
company
|
523
|
523
|
|
TOTAL CURRENT LIABILITIES
|
------------
1,535,743
|
------------
806,820
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
2,024,655
|
------------
1,676,926
|
|
TOTAL NET ASSETS
|
------------
2,527,615
==========
|
------------
2,237,227
==========
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share capital
|
500,000
|
500,000
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
500,000
|
------------
500,000
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss)
carried forward
|
1,944,840
|
1,667,922
|
|
|
|
|
|
TOTAL RESERVES
|
------------
1,944,840
|
------------
1,667,922
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
2,444,840
|
------------
2,167,922
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
Deferred taxation
|
82,775
|
69,305
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
82,775
|
------------
69,305
|
|
|
------------
|
------------
|
|
|
2,527,615
|
2,237,227
|
|
|
==========
|
==========
|
|
|
|
|
FINANCIAL RATIOS
|
GPA
TECHNOLOGIES SDN BHD
|
|
As At
31-March-2007
|
|
|
|
|
|
|
2007
|
2006
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
101,201
|
588,354
|
|
Net Liquid Funds
|
101,201
|
588,354
|
|
Net Liquid Assets
|
1,279,729
|
1,405,874
|
|
Net Current Assets/(Liabilities)
|
2,024,655
|
1,676,926
|
|
Net Tangible Assets
|
2,527,615
|
2,237,227
|
|
Net Monetary Assets
|
1,196,954
|
1,336,569
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
0
|
0
|
|
Total Liabilities
|
1,618,518
|
876,125
|
|
Total Assets
|
4,063,358
|
3,044,047
|
|
Net Assets
|
2,527,615
|
2,237,227
|
|
Net Assets Backing
|
2,444,840
|
2,167,922
|
|
Shareholders" Funds
|
2,444,840
|
2,167,922
|
|
Total Share Capital
|
500,000
|
500,000
|
|
Total Reserves
|
1,944,840
|
1,667,922
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
Cash Ratio
|
0.07
|
0.73
|
|
Liquid Ratio
|
1.83
|
2.74
|
|
Current Ratio
|
2.32
|
3.08
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
43
|
22
|
|
Debtors Ratio
|
18
|
14
|
|
Creditors Ratio
|
84
|
59
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0
|
0
|
|
Liabilities Ratio
|
0.66
|
0.40
|
|
Times Interest Earned Ratio
|
0
|
0
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit Margin
|
5.49
|
8.92
|
|
Net Profit Margin
|
4.42
|
7.84
|
|
Return On Net Assets
|
13.62
|
18.07
|
|
Return On Capital Employed
|
13.62
|
18.07
|
|
Return On Shareholders'
Funds/Equity
|
11.33
|
16.39
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
|
|
|
|
|
