|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
258207-D
|
|
COMPANY NAME
|
:
|
SPM METAL RECYCLING SDN BHD
|
|
FORMER NAME
|
:
|
SUBRAMANIAM PLASTIC & METAL SDN BHD (31/03/2003)
|
|
INCORPORATION DATE
|
:
|
18/02/1993
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
SUITE 1.00A, WISMA YAKIN, JALAN MASJID INDIA, 6TH FLOOR, 50100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
NO 29, JALAN BESI, OFF BATU 3 1/2, JALAN SUNGAI BESI, 57100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-79824673
|
|
FAX.NO.
|
:
|
03-79804320
|
|
CONTACT PERSON
|
:
|
RAMANATHAN ( CEO )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
37109
|
|
PRINCIPAL ACTIVITY
|
:
|
METAL RECYCLING
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
25,000,000.00 DIVIDED INTO
ORDINARY SHARE 25,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
25,000,000.00 DIVIDED INTO
ORDINARY SHARES 12,000,000 CASH AND 13,000,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 563,724,022 [2007]
|
|
NET WORTH
|
:
|
MYR 74,524,931 [2007]
|
|
M1000 OVERALL RANKING
|
:
|
560[2008]
|
|
M1000 INDUSTRY RANKING
|
:
|
10[2008]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
150 [2008]
|
|
BANKER (S)
|
:
|
|
AFFIN BANK
BERHAD
BANK ISLAM MALAYSIA BHD
BANK MUAMALAT MALAYSIA BHD
CIMB BANK BHD
EXPORT-IMPORT BANK OF MALAYSIA BHD
HSBC BANK MALAYSIA BHD
MALAYAN BANKING BHD
RHB BANK BHD
UNITED OVERSEAS BANK (MALAYSIA) BHD
|
|
|
|
LITIGATION
|
:
|
TRACED
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL 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) metal recycling.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The SC is 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.
|
According to the Malaysia 1000 publication, the SC's ranking are as
follows:
|
|
|
|
|
|
|
YEAR
|
2008
|
2005
|
2004
|
|
|
OVERALL RANKING
|
560
|
862
|
873
|
|
|
INDUSTRY RANKING
|
10
|
15
|
12
|
|
The immediate holding company of the SC is SPM WASTE MANAGEMENT BERHAD, a
company incorporated in MALAYSIA.
The ultimate holding company of the SC is SPM HOLDINGS 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
|
|
SPM WASTE MANAGEMENT BHD
|
MENARA MILLENIUM, 8 JALAN DAMANLELA, DAMANSARA HEIGHTS, LEVEL 13,
50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
606229
|
25,000,000.00
|
|
|
|
|
---------------
|
|
|
|
|
25,000,000.00
|
|
|
|
|
============
|
+ Also Director
The SC interest in other companies (Subsidiaries/Associates) are shown
as follow :
|
Local No
|
Company
|
(%)
|
As At
|
|
276132
|
CLARITY CONSULT SDN BHD
|
100
|
31/12/2006
|
|
|
|
|
|
|
|
40377
|
HASIS SDN BHD
|
100
|
31/12/2006
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. RAMANATHAN A/L KUPPUSAMY
|
|
Address
|
:
|
42, JALAN MERAK 7, PUCHONG JAYA, 47100 PUCHONG, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
6034363
|
|
New IC No
|
:
|
590403-07-5705
|
|
Date of Birth
|
:
|
03/04/1959
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN INDIAN
|
|
Date of Appointment
|
:
|
15/10/1999
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. POOBALAN A/L KUPPUSAMY
|
|
Address
|
:
|
3, JALAN 10, TAMAN MEGAN, 43000 KAJANG, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
7332947
|
|
New IC No
|
:
|
621127-02-5179
|
|
Date of Birth
|
:
|
27/11/1962
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN INDIAN
|
|
Date of Appointment
|
:
|
25/01/1995
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. SUBRAMANIAM A/L KUPPUSAMY
|
|
Address
|
:
|
26-3-2, JALAN 1/108C, TAMAN SUNGAI BESI, 57100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
7332948
|
|
New IC No
|
:
|
610609-02-5549
|
|
Date of Birth
|
:
|
09/06/1961
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN INDIAN
|
|
Date of Appointment
|
:
|
18/02/1993
|
|
1)
|
Name of Subject
|
:
|
RAMANATHAN
|
|
|
Position
|
:
|
CEO
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
A. TANGARAJAH
|
|
|
Position
|
:
|
GENERAL MANAGER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
SUBRAMANIAM S/O KUPPUSAMY
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
K NARAYANAN
|
|
|
Position
|
:
|
ACCOUNT DIRECTOR
|
|
|
|
|
|
|
5)
|
Name of Subject
|
:
|
MURUGESH
|
|
|
Position
|
:
|
CHIEF FINANCE OFFICER
|
|
|
|
|
|
|
6)
|
Name of Subject
|
:
|
NANDAKUMAR
|
|
|
Position
|
:
|
MARKETING MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
YEE CHOON KONG & CO
|
|
Auditor' Address
|
:
|
30, LORONG 6A/91, TAMAN SHAMELIN PERKASA, 56100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. MANOHUR A/L K KUMARAN
|
|
|
IC / PP No
|
:
|
5857769
|
|
|
New IC No
|
:
|
600424-01-5847
|
|
|
Address
|
:
|
12, JALAN 31/74A, KOTA KEMUNING, 40460 SHAH ALAM, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
AFFIN BANK BERHAD
|
|
|
|
|
|
|
2)
|
Name
|
:
|
BANK ISLAM MALAYSIA BHD
|
|
|
|
|
|
|
3)
|
Name
|
:
|
BANK MUAMALAT MALAYSIA BHD
|
|
|
|
|
|
|
5)
|
Name
|
:
|
EXPORT-IMPORT BANK OF MALAYSIA BHD
|
|
|
|
|
|
|
6)
|
Name
|
:
|
HSBC BANK MALAYSIA BHD
|
|
|
|
|
|
|
7)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
9)
|
Name
|
:
|
UNITED OVERSEAS BANK (MALAYSIA) BHD
|
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s).
The SC has bank charges with above mentioned banker(s).
ENCUMBRANCE (S)
ENCUMBRANCE 1
|
Date of Creation
|
:
|
12/12/1997
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM7,300,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 7 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
15/12/1997
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM220,500.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 06/01/1998
|
|
Registered and Numbered 8 In The Register of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
07/10/1999
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM7,500,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 14/10/1999
|
|
Registered and Numbered 11 In The Register of Charges
|
ENCUMBRANCE 4
|
Date of Creation
|
:
|
21/08/2000
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM13,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK MUAMALAT MALAYSIA BHD
|
|
|
|
|
Form 40 Dated 12/09/2000
|
|
Registered and Numbered 12 In The Register of Charges
|
ENCUMBRANCE 5
|
Date of Creation
|
:
|
17/05/2000
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM6,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
UNITED OVERSEAS BANK (MALAYSIA) BHD
|
|
|
|
|
Form 40 Dated 15/11/2000
|
|
Registered and Numbered 13 In The Register of Charges
|
ENCUMBRANCE 6
|
Date of Creation
|
:
|
19/10/2000
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM6,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 23/11/2000
|
|
Registered and Numbered 14 In The Register of Charges
|
ENCUMBRANCE 7
|
Date of Creation
|
:
|
08/11/2000
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM1,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 23/11/2000
|
|
Registered and Numbered 15 In The Register of Charges
|
ENCUMBRANCE 8
|
Date of Creation
|
:
|
02/07/2001
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM2,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
UNITED OVERSEAS BANK (MALAYSIA) BHD
|
|
|
|
|
Form 40 Dated 09/07/2001
|
|
Registered and Numbered 16 In The Register of Charges
|
ENCUMBRANCE 9
|
Date of Creation
|
:
|
08/03/2002
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
O/D
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK MUAMALAT MALAYSIA BHD
|
|
|
|
|
Form 40 Dated 14/03/2002
|
|
Registered and Numbered 17 In The Register of Charges
|
ENCUMBRANCE 10
|
Date of Creation
|
:
|
22/09/2002
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM1,500,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 30/10/2002
|
|
Registered and Numbered 18 In The Register of Charges
|
ENCUMBRANCE 11
|
Date of Creation
|
:
|
24/10/2002
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM1,600,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 05/11/2002
|
|
Registered and Numbered 19 In The Register of Charges
|
ENCUMBRANCE 12
|
Date of Creation
|
:
|
14/10/2002
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM3,031,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 30/12/2002
|
|
Registered and Numbered 20 In The Register of Charges
|
ENCUMBRANCE 13
|
Date of Creation
|
:
|
25/06/2002
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM1,500,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 30/04/2003
|
|
Registered and Numbered 21 In The Register of Charges
|
ENCUMBRANCE 14
|
Date of Creation
|
:
|
04/12/2002
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM3,500,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK UTAMA (MALAYSIA) BHD
|
|
|
|
|
Form 40 Dated 30/04/2003
|
|
Registered and Numbered 22 In The Register of Charges
|
ENCUMBRANCE 15
|
Date of Creation
|
:
|
24/04/2001
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM5,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
BANK UTAMA (MALAYSIA) BHD
|
|
|
|
|
Form 40 Dated 19/05/2003
|
|
Registered and Numbered 23 In The Register of Charges
|
ENCUMBRANCE 16
|
Date of Creation
|
:
|
11/09/2003
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM3,400,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 19/09/2003
|
|
Registered and Numbered 24 In The Register of Charges
|
ENCUMBRANCE 17
|
Date of Creation
|
:
|
17/02/2005
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM4,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 21/02/2005
|
|
Registered and Numbered 25 In The Register of Charges
|
ENCUMBRANCE 18
|
Date of Creation
|
:
|
09/08/2007
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM62,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 26 In The Register of Charges
|
ENCUMBRANCE 19
|
Date of Creation
|
:
|
09/08/2007
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM62,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 27 In The Register of Charges
|
ENCUMBRANCE 20
|
Date of Creation
|
:
|
14/08/2007
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM10,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 28 In The Register of Charges
|
ENCUMBRANCE 21
|
Date of Creation
|
:
|
09/08/2007
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM62,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 29 In The Register of Charges
|
ENCUMBRANCE 22
|
Date of Creation
|
:
|
17/08/2007
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM10,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 30 In The Register of Charges
|
ENCUMBRANCE 23
|
Date of Creation
|
:
|
24/04/2008
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM20,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 31 In The Register of Charges
|
ENCUMBRANCE 24
|
Date of Creation
|
:
|
13/05/2008
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM26,220,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 32 In The Register of Charges
|
ENCUMBRANCE 25
|
Date of Creation
|
:
|
31/07/2008
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM33,890,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 33 In The Register of Charges
|
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank against 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.
|
LEGAL ACTION
|
|
|
|
|
|
Code No
|
:
|
22
|
Case No
|
:
|
3080
|
|
|
|
|
|
|
Year
|
:
|
1998
|
Place
|
:
|
KUALA LUMPUR
|
|
|
|
|
|
|
Court
|
:
|
HIGH COURT
|
|
|
|
|
|
|
|
|
|
Solicitor
|
:
|
LEE ONG & KANDIAH
|
|
|
|
|
|
|
|
|
|
Plaintiff
|
:
|
STANDARD CHARTERED BANK BHD
|
|
|
|
|
Defendants
|
:
|
|
SUBRAMANIAM PLASTIC & METAL SDN BHD (258207)
|
|
29 JLN SG BESI, KM 3 1/2, JLN SG BESI, 57100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
& 4 ORS
|
|
|
|
|
|
|
|
Amount Claimed
|
:
|
2,830,000.00
|
|
|
|
|
|
|
|
|
|
Nature of Claim
|
:
|
LOAN
|
|
|
|
|
|
|
|
|
|
Remark
|
:
|
LIST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Code No
|
:
|
22(2)
|
Case No
|
:
|
452
|
|
|
|
|
|
|
Year
|
:
|
2000
|
Place
|
:
|
KUALA LUMPUR
|
|
|
|
|
|
|
Court
|
:
|
HIGH COURT
|
|
|
|
|
|
|
|
|
|
Solicitor
|
:
|
AMIN-TAN & CO
|
|
|
|
|
|
|
|
|
|
Solicitor Ref
|
:
|
THP-15107-00-CFBPJ-FL(25)(SHA)
|
|
|
|
|
|
|
|
|
|
Plaintiff
|
:
|
CEMPAKA FINANCE BHD
|
|
|
|
|
Defendants
|
:
|
|
P H METAL SDN BHD
|
|
|
|
SUBRAMANIAM PLASTIC & METAL SDN BHD (258207)
|
|
29 JLN BESI, OFF BT 3 1/2, JLN SG BESI, 57100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
POOBALAN S/O KUPPUSAMY (7332947 /621127-02-5179)
|
|
87 JLN MAHOGANI SD 1/4, TMN SRI DAMANSARA, 52100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
NANTHAKUMAR S/O KANIDAH (A1496742 /700104-02-5673)
|
|
1002 JLN PERHENTIAN SENTUL, 51100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
ANDREWSON S/O MICHAEL (A1925922 /701213-10-5677)
|
|
49 KG UDARA, BT 3 1/2, LEBUH RAYA SEREMBAN, 57100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
Amount Claimed
|
:
|
469,372.34
|
|
|
|
|
|
|
|
|
|
Nature of Claim
|
:
|
LOAN
|
|
|
|
|
|
|
|
|
|
Remark
|
:
|
STAR 7/6/2001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Code No
|
:
|
22
|
Case No
|
:
|
468
|
|
|
|
|
|
|
Year
|
:
|
2000
|
Place
|
:
|
KUALA LUMPUR
|
|
|
|
|
|
|
Court
|
:
|
HIGH COURT
|
|
|
|
|
|
|
|
|
|
Solicitor
|
:
|
CHE MOKHTAR & LING
|
|
|
|
|
|
|
|
|
|
Plaintiff
|
:
|
HONG LEONG BANK BHD
|
|
|
|
|
Defendants
|
:
|
|
SUBRAMANIAM PLASTIC & METAL SDN BHD (258207)
|
|
29 JLN BESI, OFF BT 3 1/2, JLN SG BESI, 57100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
SUBRAMANIAM S/O KUPPUSAMY (7332948 /610609-02-5549)
|
|
87 JLN MAHOGANI SD 1/4, BDR SRI DAMANSARA, KEPONG, 52100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
POOBALAN S/O KUPPUSAMY (7332947 /621127-02-5179)
|
|
3 JLN 10, TMN MEGAH, 43000 KAJANG, SELANGOR, MALAYSIA.
|
|
|
|
ANDREWSON S/O MICHAEL (A1925922 /701213-10-5677)
|
|
29 JLN BESI, OFF BT 3 1/2, JLN SG BESI, 57100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
Amount Claimed
|
:
|
737,828.10
|
|
|
|
|
|
|
|
|
|
Nature of Claim
|
:
|
LOAN
|
|
|
|
|
|
|
|
|
|
Remark
|
:
|
LIST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Code No
|
:
|
22
|
Case No
|
:
|
1396
|
|
|
|
|
|
|
Year
|
:
|
2004
|
Place
|
:
|
KUALA LUMPUR
|
|
|
|
|
|
|
Court
|
:
|
HIGH COURT
|
|
|
|
|
|
|
|
|
|
Solicitor
|
:
|
LEONG YENG KIT & CO
|
|
|
|
|
|
|
|
|
|
Plaintiff
|
:
|
PREMIUM CAPITAL
|
|
|
|
|
Defendants
|
:
|
|
SPM METAL RECYCLING SDN BHD (258207)
|
|
SUITE 1.00A, WISMA YAKIN, JLN MASJID INDIA, 6TH FLR, 50100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
SUBRAMANIAM S/O KUPPUSAMY (7332948 /610609-02-5549)
|
|
26-3-2 JLN 1/108C, TMN SG BESI, 57100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
BALAKRISHNAN S/O RAMAN (8274274 /570126-08-6503)
|
|
22-4-16 TMN SG BESI, 57000 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
|
|
POOBALAN S/O KUPPUSAMY (7332947 /621127-02-5179)
|
|
3 JLN 10, TMN MEGAN, 43000 KAJANG, SELANGOR, MALAYSIA.
|
|
|
|
ANDREWSON S/O MICHAEL (A1925922 /701213-10-5677)
|
|
4 JLN TASIK SELATAN, 57000 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
|
|
|
|
|
|
Amount Claimed
|
:
|
700,000.00
|
|
|
|
|
|
|
|
|
|
Remark
|
:
|
LIST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Code No
|
:
|
22
|
Case No
|
:
|
71
|
|
|
|
|
|
|
Year
|
:
|
2005
|
Place
|
:
|
KUALA LUMPUR
|
|
|
|
|
|
|
Court
|
:
|
HIGH COURT
|
|
|
|
|
|
|
|
|
|
Solicitor
|
:
|
LEONG YENG KIT & CO
|
|
|
|
|
|
|
|
|
|
Plaintiff
|
:
|
PREMIUM CAPITAL
|
|
|
|
|
Defendants
|
:
|
|
SPM METAL RECYCLING SDN BHD (258207)
|
|
SUITE 1.00A, WISMA YAKIN, JLN MASJID INDIA, 6TH FLR, 50100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
SUBRAMANIAM S/O KUPPUSAMY (7332948 /610609-02-5549)
|
|
8A KG UDARA, BT 3 1/2 LEBUHRAYA SEREMBAN-KL, 58200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
BALAKRISHNAN S/O RAMAN (8274274 /570126-08-6503)
|
|
22-4-16 TMN SG BESI, 57000 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
|
|
POOBALAN S/O KUPPUSAMY (7332947 /621127-02-5179)
|
|
3 JLN 10, TMN MEGAH, 43000 KAJANG, SELANGOR, MALAYSIA.
|
|
|
|
ANDREWSON S/O MICHAEL (A1925922 /701213-10-5677)
|
|
4 JLN TASIK SELATAN, 57000 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
|
|
|
|
|
|
Amount Claimed
|
:
|
641,747.13
|
|
|
|
|
|
|
|
|
|
Nature of Claim
|
:
|
LOAN
|
|
|
|
|
|
|
|
|
|
Remark
|
:
|
LIST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
Please check with creditors for confirmation as alleged debts may
have been paid since recorded or are being disputed. The person wo has been
sued has the same name as the subject. However, we are unable to determine
whether the person sued is the one and the same person.
|
|
No winding up petition was found in our databank
|
|
|
|
|
PAYMENT RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
|
|
Overseas
|
:
|
YES
|
|
|
Import Countries
|
:
|
MIDDLE EAST,SOUTH AFRICA,SOUTH AMERICA
|
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
|
:
|
80%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
20%
|
|
Export Market
|
:
|
INDIA, SOUTHEAST ASIA, MIDDLE EAST
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT),LETTER OF CREDIT (LC)
|
|
Type of Customer
|
:
|
MANUFACTURING INDUSTRIES,DISTRIBUTORS
|
|
|
|
|
|
|
|
|
CUSTOMER(S)
|
:
|
|
1) ALUMINIUM CO OF MALAYSIA BHD
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
HU-METAL PIPE CONSORTIUM SDN BHD
|
|
KOBELCO & MATERIALS COPPER TUBE (M) SDN BHD
|
|
PETRO-PIPE INDUSTRIES (M) SDN BHD
|
|
SARWAJA TIMUR SDN BHD
|
|
SME TECHNOLOGIES SDN BHD
|
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
|
SMI ASSOCIATION OF MALAYSIA
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Total Number of Employees:
|
|
YEAR
|
2008
|
2007
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
|
150
|
150
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) metal recycling.
The SC is essentially involved in collection, processing and marketing of
waste non-ferrous metals mainly comprising aluminium, brass and copper.
We were informed that the SC obtains its waste materials from various small
suppliers and recyclers as well as from factory industrial waste. The waste
materials are cleaned and segregated into various types and grades.
The SC collects, sorts, segregates, presses and pack the products for its
customers.
According to the SC, the products are sold in compressed form.
The raw materials and recycled products include aluminium can crush,
electronic parts, mill berry, aluminium punching are aluminiun dics.
The SC is under the SPM Group of Companies and it also sharing the management
and premises with related companies. The Group specialises in waste recycling
and landfill reclaimation. Besides this it also specializes in scrap metal
for ferrous and non ferrous, and plastics recycling.
The end products are used in construction, can manufacturing, engineering,
electrical, furniture as well as other manufacturings.
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
|
:
|
03-79824673
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
NO 29, JALAN BESI, OFF BATU 3 1/2, JALAN SUNGAI BESI, 57100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN.
|
|
Current Address
|
:
|
NO 29, JALAN BESI, OFF BATU 3 1/2, JALAN SUNGAI BESI, 57100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted Mr Soma from the Logistic Division. He furnished some
information on the SC. Later we contacted one of the Senior staff from the
Finance Division for more information on the SC.
FINANCIAL COMMENTS
The financial
summary of the SC in Year 2007 showed that it was financially FAIR. The SC
has generated an acceptable return on its shareholders' funds, indicating
that the SC was efficient in utilising its shareholders' funds to generate
returns. The SC was in good liquidity position with its current liabilities
well covered by its current assets. With its net current assets, the SC
should be able to repay its short term obligations. However, a high
liabilities ratio has placed the SC at high financial risk.
Overall financial condition of the SC : FAIR
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
|
5.7
|
|
Domestic Demand ( % )
|
7.5
|
7.3
|
7.0
|
9.0
|
6.1
|
|
Private Expenditure ( % )
|
13.1
|
9.5
|
7.0
|
8.6
|
6.6
|
|
Consumption ( % )
|
10.5
|
9.2
|
7.1
|
9.0
|
6.8
|
|
Investment ( % )
|
25.8
|
8.5
|
7.0
|
7.1
|
6.2
|
|
Public Expenditure ( % )
|
<2.1>
|
3.6
|
6.8
|
10.1
|
4.7
|
|
Consumption ( % )
|
6.0
|
5.4
|
5.0
|
10.8
|
5.7
|
|
Investment ( % )
|
<8.7>
|
1.9
|
8.9
|
9.3
|
3.6
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
80,663
|
99,760
|
108,192
|
100,340
|
115,563
|
|
Government Finance ( MYR Million )
|
<19,419>
|
<18,684>
|
<19,109>
|
<19,948>
|
<34,462>
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<4.3>
|
<3.8>
|
<3.3>
|
<3.2>
|
<4.8>
|
|
Inflation ( % Change in Composite CPI)
|
1.4
|
3.1
|
3.9
|
2.0
|
4.4
|
|
Unemployment Rate
|
3.5
|
3.5
|
3.4
|
3.2
|
3.3
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
254
|
266
|
290
|
336
|
388
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
13.84
|
5.13
|
4.21
|
3.04
|
1.91
|
|
Average 3 Months of Non-performing Loans ( % )
|
8.46
|
13.63
|
12.91
|
13.30
|
13.24
|
|
Average Base Lending Rate ( % )
|
5.99
|
6.00
|
6.61
|
6.72
|
6.72
|
|
Business Loans Disbursed( % )
|
10.5
|
8.7
|
<2.5>
|
9.1
|
-
|
|
Foreign Investment ( MYR Million )
|
13,143.9
|
17,882.9
|
20,228.0
|
33,426.0
|
23,261.4
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
38,580
|
37,474
|
38,293
|
43,337
|
-
|
|
Registration of New Companies ( % )
|
6.8
|
<2.9>
|
2.2
|
13.2
|
-
|
|
Liquidation of Companies ( No. )
|
3,334
|
3,069
|
8,647
|
22,629
|
-
|
|
Liquidation of Companies ( % )
|
<15.8>
|
<7.9>
|
181.8
|
161.5
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
189,206
|
193,095
|
216,147
|
227,410
|
-
|
|
Registration of New Business ( % )
|
4.6
|
2.1
|
11.9
|
5.2
|
-
|
|
Business Dissolved ( No. )
|
51,301
|
73,355
|
52,879
|
20,431
|
-
|
|
Business Dissolved ( % )
|
7.0
|
43.0
|
<27.9>
|
<61.4>
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
380.6
|
400.8
|
446.2
|
442.9
|
-
|
|
Cellular Phone Subscribers ( Million )
|
14.6
|
18.5
|
19.5
|
23.3
|
25.1
|
|
Tourist Arrival ( Million Persons )
|
15.7
|
16.7
|
17.5
|
20.9
|
21.5
|
|
Hotel Occupancy Rate ( % )
|
60.8
|
63.6
|
64.8
|
70.0
|
68.0
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
19.3
|
13.9
|
15.4
|
20.1
|
-
|
|
Bad Cheque Offenders (No.)
|
70,465
|
57,316
|
36,555
|
30,004
|
-
|
|
Individual Bankruptcy ( No.)
|
16,251
|
15,868
|
13,596
|
13,238
|
-
|
|
Individual Bankruptcy ( % )
|
31.6
|
<2.4>
|
<14.3>
|
<2.6>
|
-
|
|
INDUSTRIES ( % of Growth ):
|
2004
|
2005
|
2006
|
2007*
|
2008**
|
|
|
|
|
|
|
|
|
Agriculture
|
5.0
|
2.5
|
5.3
|
3.1
|
3.6
|
|
Palm Oil
|
3.9
|
7.1
|
5.8
|
<0.6>
|
7.0
|
|
Rubber
|
16.5
|
<2.9>
|
12.6
|
1.0
|
<1.1>
|
|
Forestry & Logging
|
4.3
|
2.0
|
<0.4>
|
2.8
|
<1.5>
|
|
Fishing
|
5.5
|
<0.4>
|
9.3
|
5.2
|
4.0
|
|
Other Agriculture
|
2.4
|
3.2
|
5.3
|
7.0
|
5.9
|
|
Industry Non-Performing Loans ( MYR Million )
|
620.3
|
563.7
|
516.5
|
487.3
|
393
|
|
% of Industry Non-Performing Loans
|
1.38
|
1.19
|
1.06
|
1.08
|
0
|
|
|
|
|
|
|
|
|
Mining
|
3.9
|
0.8
|
<0.4>
|
3.3
|
2.8
|
|
Oil & Gas
|
4.5
|
1.6
|
4.6
|
2.2
|
12.7
|
|
Other Mining
|
<8.0>
|
<1.0>
|
5.1
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
62.6
|
68.8
|
55.4
|
42.2
|
36.0
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
9.8
|
5.1
|
7.3
|
3.1
|
4.7
|
|
Exported-oriented Industries
|
15.5
|
3.0
|
11.1
|
<1.9>
|
2.7
|
|
Electrical & Electronics
|
17.8
|
3.6
|
13.4
|
3.0
|
2.4
|
|
Rubber Products
|
14.8
|
2.4
|
0.4
|
8.0
|
4.2
|
|
Wood Products
|
12.7
|
0.9
|
0.7
|
3.3
|
<6.0>
|
|
Textiles & Apparel
|
<11.7>
|
<4.4>
|
12.6
|
<10.1>
|
1.9
|
|
Domestic-oriented Industries
|
9.7
|
6.9
|
5.0
|
5.3
|
9.9
|
|
Food, Beverages & Tobacco
|
3.8
|
7.7
|
4.8
|
5.6
|
9.5
|
|
Chemical & Chemical Products
|
14.6
|
6.9
|
1.7
|
9.2
|
1.4
|
|
Plastic Products
|
13.5
|
18.6
|
21.3
|
<3.6>
|
6.5
|
|
Iron & Steel
|
2.7
|
<6.7>
|
<6.9>
|
17.5
|
16.8
|
|
Fabricated Metal Products
|
29.2
|
<7.5>
|
20.0
|
26.2
|
14.7
|
|
Non-metallic Mineral
|
<4.8>
|
<6.0>
|
<1.9>
|
6.6
|
8.3
|
|
Transport Equipment
|
8.6
|
10.4
|
5.3
|
<19.0>
|
27.1
|
|
Paper & Paper Products
|
2.3
|
4.6
|
4.1
|
14.9
|
8.6
|
|
Crude Oil Refineries
|
<2.4>
|
8.2
|
12.1
|
8.6
|
7.8
|
|
Industry Non-Performing Loans ( MYR Million )
|
7,765.4
|
6,035.6
|
6,181.3
|
6,366.2
|
5,729.4
|
|
% of Industry Non-Performing Loans
|
17.3
|
12.7
|
12.7
|
14.1
|
-
|
|
|
|
|
|
|
|
|
Construction
|
<1.5>
|
<1.6>
|
<0.5>
|
4.6
|
4.0
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,547.7
|
5,172.7
|
5,527.3
|
5,116.7
|
4,149.8
|
|
% of Industry Non-Performing Loans
|
12.4
|
10.9
|
11.4
|
11.3
|
-
|
|
|
|
|
|
|
|
|
Services
|
6.8
|
6.6
|
7.2
|
9.7
|
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
|
8,281.4
|
|
% 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
|
|
37109 : Recycling of other metal waste and scrap
|
|
|
|
|
INDUSTRY :
|
MANUFACTURING
|
|
|
|
|
The manufacturing sector is expected to grow 4.7% in 2008 (2007: 3.1%),
driven by higher production in the domestic-oriented industries. Meanwhile,
export-oriented industries are envisaged to register moderate growth due to
marginal expansion in E&E output. However, the output of petroleum,
rubber as well as machinery and equipment industries are expected to record
strong growth. Overall, the manufacturing sector registered higher output
growth of 5.4% in the first six months of 2008 (January -June 2007: 0.4%).
|
|
The positive performance of the manufacturing sector was reflected in the
sales of manufactured products, which increased 15.9% to RM287 billion
(January - June 2007: 3.0%; RM248 billion). Capacity utilisation rate for
manufacturing sector remained high at 82.6% (Q1 2008: 83.0%) in the second
quarter of 2008.
|
|
The domestic-oriented industries expanded strongly by 9.9% (January - June
2007: 4.1%) in the first six months in 2008 due to higher growth in most of
the sub-sectors. The transport equipment, construction-related and food
products industries performed well and registered strong growth.
|
|
Production of export-oriented industries registered a growth rate of 2.7% (January
- June 2007: -1.8%), following slight recovery in global demand for
semiconductors and other electronic products and components.
|
|
Malaysia's total exports accelerated to 15.5% (January - June 2007: 1.2%)
in the first six months of 2008, driven by strong exports of commodities
and recovery in the exports of manufactured goods. Manufacturing exports,
which contributed 76.2% to total exports and increased 4.5% (2007: 0.6%),
remained the major contributor to total export earnings.
|
|
The Beijing Olympics 2008 as well as the expansion in mobile penetration in
emerging markets are anticipated to generate strong demand for
semiconductors. In addition, the non-E&E industries, particularly
domestic-oriented and selected resource-based industries that export mainly
to the region, are expected to perform favourably during the year.
Industries related to the construction sector, including fabricated metal
are likely to see an improved performance supported by higher construction
activity. Off-estate processing activity should strengthen following the
recovery in production of palm oil and rubber. Meanwhile, growth in the
chemicals and chemical products sector may be constrained by the rising raw
material prices.
|
|
The manufacturing sector is expected to grow 4.3% in 2009 (2008: 4.7%) in
view of stable performance of the export oriented-industries and continued
expansion in domestic demand.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth
|
COMMENTS
|
The SC was incorporated in 1993, it is principally engaged in the
collection, processing and marketing of waste non-ferrous metals mainly
comprising aluminium, brass and copper. Being a private limited company
with a large paid up capital of RM25million, the SC has the potential of
capturing a higher market shares as it is competing aggressively in the
market. Backed by its established company, it allows the SC to enjoy timely
assistance when the needs arise.
|
|
In order to further grow the business, the SC has broaden its reach and
penetrated into the global market. At present, 20% of the SC's revenue is
derived from overseas markets such as India, South East Asia and Middle
East. Such a wide market coverage has enabled the SC to capture higher
market shares and minimised its business risk. With a steady work force of
150, the SC is led by its CEO, Ramanathan. More efforts are expected from
the management in order to compete with its rivals.
|
|
Compared to the previous year, the SC's turnover has grown 17.37% to
RM563.72million, which led to higher pre-tax profit of RM12.6million.
Return on shareholders' funds was at an acceptable range, indicating that
the management was efficient in utilsing its funds to generate returns. A
good liquidity position clearly implies that the SC would be able to meet
its short term obligations. However, the SC may face high financial risk
due to the high liabilities ratio. Given a comfortable net worth of
RM74million, the SC should be able to maintain its business in the near term.
|
|
The SC's supplies are sourced locally and internationally. With the
contribution of both local and overseas suppliers, it eliminates the risk
of dependency on deliveries from a number of key suppliers and insufficient
quantities of its raw materials.
|
|
Based on our historical financial data, the SC's overall payment habit is
good. This implies good credit control and the SC could be taking advantage
of the cash discounts while maintaining a good reputation with its
creditors.
|
|
The industry is reaching its maturity stage and a marginal growth is
expected. Generally, the industry is regarded stable and only moving within
a narrow range. With the normal outlook of the industry performance, we
believe that the SC has the potential of capturing a higher market shares.
|
|
In view of the above, we recommend credit be granted to the SC promptly.
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA
ACCOUNTING STANDARD.
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
SPM METAL RECYCLING SDN BHD
|
|
31-December-2007
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Turnover
|
563,724,022.00
|
|
Operating Revenue
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Before Tax
|
12,603,812.00
|
|
|
---------------------
|
|
|
|
Profit/(Loss) After Tax
|
11,209,874.00
|
|
Extraordinary Item
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Attributable to Shareholders
|
11,209,874.00
|
|
|
---------------------
|
|
|
|
Prior Period Adjustment
|
0.00
|
|
Net Dividend
|
0.00
|
|
Transferred To/From Reserved
|
0.00
|
|
Others
|
0.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Brought Forward
|
38,315,057.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Carried Forward
|
49,524,931.00
|
|
|
================
|
|
|
|
BALANCE SHEET
|
|
SPM METAL RECYCLING SDN BHD
|
|
31-December-2007
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Fixed Assets
|
18,595,319.00
|
|
Total Investment
|
4,560,000.00
|
|
Amount Owing By
|
0.00
|
|
Current Assets
|
276,244,965.00
|
|
Intangible Assets
|
0.00
|
|
Other Assets
|
0.00
|
|
|
---------------------
|
|
Total Assets
|
299,400,284.00
|
|
|
================
|
|
|
|
|
Working Capital
|
143,018,472.00
|
|
|
|
|
Issued Capital
|
25,000,000.00
|
|
Paid Up Capital
|
25,000,000.00
|
|
Share Premium & Reserved
|
0.00
|
|
Unappropriated Profit/(Loss)
|
49,524,931.00
|
|
|
---------------------
|
|
Shareholder's Fund/Equity
|
74,524,931.00
|
|
|
---------------------
|
|
|
|
Current Liabilities
|
133,226,493.00
|
|
Amount Owing To
|
0.00
|
|
Long-term and Deferred Liabilities
|
91,648,860.00
|
|
Share Application Account
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Total Equity Liability
|
299,400,284.00
|
|
|
================
|
|
|
|
|
Contingent Liabilities
|
0.00
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
SPM METAL
RECYCLING SDN BHD
|
|
For The Year
Ended 31-December-2006
|
|
|
|
|
|
|
2006
|
2005
|
|
|
MYR
|
MYR
|
|
|
|
|
|
TURNOVER
|
480,284,965
|
378,562,082
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
11,703,218
|
10,198,659
|
|
|
|
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
11,703,218
|
10,198,659
|
|
Taxation
|
<3,635,735>
|
<3,222,733>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
8,067,483
|
------------
6,975,926
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
8,067,483
|
------------
6,975,926
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
8,067,483
|
------------
6,975,926
|
|
As previous reported
|
30,247,574
|
23,271,648
|
|
|
|
|
|
As restated
|
------------
30,247,574
|
------------
23,271,648
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
38,315,057
|
30,247,574
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
38,315,057
==========
|
------------
30,247,574
==========
|
|
RETAINED BY: The Company
|
38,315,057
|
30,247,574
|
|
|
|
|
|
|
------------
38,315,057
==========
|
------------
30,247,574
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
Term loan
|
2,381,117
|
2,275,309
|
|
Bank overdraft
|
370,615
|
362,963
|
|
|
|
|
|
Hire purchase
|
13,421
|
14,736
|
|
|
|
|
|
|
------------
2,765,153
==========
|
------------
2,653,008
==========
|
BALANCE SHEET
|
SPM METAL
RECYCLING SDN BHD
|
|
As At 31-December-2006
|
|
|
|
|
|
|
2006
|
2005
|
|
|
MYR
|
MYR
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
FIXED ASSETS
|
5,196,864
|
5,640,088
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
Subsidiary companies
|
4,560,000
|
4,560,000
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
4,560,000
|
------------
4,560,000
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
9,756,864
|
------------
10,200,088
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
13,474,494
|
10,535,675
|
|
|
|
|
|
Trade debtors
|
132,384,349
|
121,657,955
|
|
Other debtors, deposits &
prepayments
|
39,308,874
|
21,828,163
|
|
Short term deposits
|
9,645,869
|
15,813,155
|
|
|
|
|
|
Amount due from subsidiary
companies
|
9,167,131
|
9,155,131
|
|
Cash & bank balances
|
1,895,601
|
2,549,286
|
|
|
|
|
|
amount owing by ultimate holding
company
|
3,712,061
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
209,588,379
|
------------
181,539,365
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Trade creditors
|
1,929,276
|
1,283,058
|
|
Other creditors & accruals
|
1,797,189
|
1,548,672
|
|
Hire purchase & lease
creditors
|
83,268
|
84,428
|
|
Bank overdraft
|
2,683,849
|
2,978,193
|
|
Short term borrowings/Term
loans
|
7,791,243
|
3,419,444
|
|
|
|
|
|
|
|
|
|
Bill & acceptances payable
|
53,934,221
|
63,238,586
|
|
|
|
|
|
|
|
|
|
Amounts owing to related
companies
|
15,254,845
|
13,260,140
|
|
|
|
|
|
|
|
|
|
Provision for taxation
|
15,210,629
|
11,990,629
|
|
|
|
|
|
amount owing to ultimate holding
company
|
-
|
1,412,608
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
98,684,520
|
------------
99,215,758
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
110,903,859
|
------------
82,323,607
|
|
TOTAL NET ASSETS
|
------------
120,660,723
==========
|
------------
92,523,695
==========
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share capital
|
12,000,000
|
12,000,000
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
12,000,000
|
------------
12,000,000
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss)
carried forward
|
38,315,057
|
30,247,574
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
38,315,057
|
------------
30,247,574
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
50,315,057
|
------------
42,247,574
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
Long term loans
|
15,754,363
|
21,688,892
|
|
|
|
|
|
|
|
|
|
Hire purchase creditors
|
115,003
|
203,142
|
|
Deferred taxation
|
832,787
|
897,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
amount owing to holding company
|
53,643,513
|
27,487,035
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
70,345,666
|
------------
50,276,121
|
|
|
------------
|
------------
|
|
|
120,660,723
|
92,523,695
|
|
|
==========
|
==========
|
|
|
|
|
FINANCIAL RATIOS
|
SPM METAL RECYCLING
SDN BHD
|
|
As At
31-December-2006
|
|
|
2006
|
2005
|
|
|
MYR
|
MYR
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
11,541,470
|
18,362,441
|
|
Net Liquid Funds
|
1,066,378
|
11,964,804
|
|
Net Liquid Assets
|
97,429,365
|
71,787,932
|
|
Net Current Assets/(Liabilities)
|
110,903,859
|
82,323,607
|
|
Net Tangible Assets
|
120,660,723
|
92,523,695
|
|
Net Monetary Assets
|
27,083,699
|
21,511,811
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
26,427,726
|
28,374,099
|
|
Total Liabilities
|
169,030,186
|
149,491,879
|
|
Total Assets
|
219,345,243
|
191,739,453
|
|
Net Assets
|
120,660,723
|
92,523,695
|
|
Net Assets Backing
|
50,315,057
|
42,247,574
|
|
Shareholders" Funds
|
50,315,057
|
42,247,574
|
|
Total Share Capital
|
12,000,000
|
12,000,000
|
|
Total Reserves
|
38,315,057
|
30,247,574
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
Cash Ratio
|
0.12
|
0.19
|
|
Liquid Ratio
|
1.99
|
1.72
|
|
Current Ratio
|
2.12
|
1.83
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
10
|
10
|
|
Debtors Ratio
|
101
|
117
|
|
Creditors Ratio
|
1
|
1
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0.53
|
0.67
|
|
Liabilities Ratio
|
3.36
|
3.54
|
|
Times Interest Earned Ratio
|
5.23
|
4.84
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit Margin
|
2.44
|
2.69
|
|
Net Profit Margin
|
1.68
|
1.84
|
|
Return On Net Assets
|
11.99
|
13.89
|
|
Return On Capital Employed
|
11.03
|
12.98
|
|
Return On Shareholders'
Funds/Equity
|
16.03
|
16.51
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
|
|
|
|
|
