|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
112531-W
|
|
COMPANY NAME
|
:
|
O.Y.L. MANUFACTURING COMPANY SDN BHD
|
|
FORMER NAME
|
:
|
SEMICON ADVANCED TECHNOLOGY (MALAYSIA) SDN BHD (21/12/1991)
NEW AVENUES SDN BHD (25/02/1984)
|
|
INCORPORATION DATE
|
:
|
04/01/1984
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
15-19, JALAN PENGAPIT, 40702 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 60334, PERSIARAN RAHMAN PUTRA 3, TAMAN PERINDUSTRIAN BUKIT RAHMAN
PUTRA, 47000 SUNGAI BULOH, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-61458600
|
|
FAX.NO.
|
:
|
03-61412295
|
|
CONTACT PERSON
|
:
|
C K ANG ( HUMAN RESOURCE MANAGER )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
29191
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURE AND
SALE OF SINGLE AND MULTIPLE SPLIT AIR CONDITIONERS AND PACKAGED AND PLANT
AIR-CONDITIONING EQUIPMENT
|
|
AUTHORISED CAPITAL
|
:
|
MYR
300,000,000.00 DIVIDED INTO
ORDINARY SHARE 299,998,000.00 OF MYR 1.00 EACH.
PREFERENCE SHARE 2,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
50,001,600.00 DIVIDED INTO
ORDINARY SHARES 1,602 CASH AND 49,999,998 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 771,344,462 [2006]
|
|
NET WORTH
|
:
|
MYR 365,200,076 [2006]
|
|
M1000 OVERALL RANKING
|
:
|
338[2005]
|
|
M1000 INDUSTRY RANKING
|
:
|
22[2005]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
2,000 [2008]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STABLE
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
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) manufacture and sale of
single and multiple split air conditioners and packaged and plant
air-conditioning equipment.
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
|
2005
|
2004
|
|
|
OVERALL RANKING
|
338
|
301
|
|
|
INDUSTRY RANKING
|
22
|
23
|
|
The immediate holding company of the SC is O.Y.L INDUSTRIES BERHAD, a company
incorporated in MALAYSIA.
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
O.Y.L. INDUSTRIES BHD
|
JALAN PENGAPIT 15/19, 40000 SHAH ALAM, SELANGOR, MALAYSIA.
|
17306
|
50,000,000.00
|
|
GROUP ASSOCIATED (C & L) SDN BHD
|
WISMA HONG LEONG, 18 JALAN PERAK, LEVEL 9, 50450 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
109719
|
1,600.00
|
|
|
|
|
---------------
|
|
|
|
|
50,001,600.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. HO NYUK CHOY
|
|
Address
|
:
|
50 JALAN SS 18/4C, 47500 SUBANG JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
8134656
|
|
New IC No
|
:
|
540516-05-5211
|
|
Date of Birth
|
:
|
16/05/1954
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
16/03/1993
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. RAJA ZAINAL ABIDIN BIN RAJA HAJI TACHIK
|
|
Address
|
:
|
1, JALAN 14/47, 46100 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
2997631
|
|
New IC No
|
:
|
170726-05-5011
|
|
Date of Birth
|
:
|
26/07/1917
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
24/01/1984
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR.ALBERT ALBERT LIM TING YEW
|
|
Address
|
:
|
22 JALAN BU 4/10, BANDAR UTAMA DAMANSARA, 47800 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A0312901
|
|
New IC No
|
:
|
660131-04-5289
|
|
Date of Birth
|
:
|
31/01/1966
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
21/12/2005
|
DIRECTOR 4
|
Name Of Subject
|
:
|
YOSHIBUMI KATAYAMA
|
|
Address
|
:
|
3-19-3, HARUMIDAI KAWACHINAGANO CITY, OSAKA 586-0043, JAPAN.
|
|
IC / PP No
|
:
|
TF6582248
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
17/03/2008
|
DIRECTOR 5
|
Name Of Subject
|
:
|
YOSHIHIRO MINENO
|
|
Address
|
:
|
17-9-3, MONT KIARA PALMA MAJESTIC TOWER, 9TH FLOOR, 50480 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
TZ0449052
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
10/03/2008
|
DIRECTOR 6
|
Name Of Subject
|
:
|
KATSUHIKO TAKAGI
|
|
Address
|
:
|
504-12-15, YAMATE CHO, ASHIYA SHI HYOGO, JAPAN.
|
|
IC / PP No
|
:
|
TH5032364
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
08/08/2007
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
C K ANG
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
ALBERT LIM TING YEW
|
|
|
Position
|
:
|
CHIEF OPERATING OFFICER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
HO MUCH JIA
|
|
|
Position
|
:
|
HEAD OF PROCUREMENT
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
TAN YONG CHEEM
|
|
|
Position
|
:
|
PRODUCTION MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
DELOITTE & TOUCHE
|
|
Auditor' Address
|
:
|
UPTOWN 1, 1 JALAN SS 21/58, DAMANSARA UPTOWN, LEVEL 19, 47400 PETALING
JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. NG HENG KEE
|
|
|
IC / PP No
|
:
|
A0960438
|
|
|
New IC No
|
:
|
680205-10-6266
|
|
|
Address
|
:
|
83 JALAN WAWASAN 3/1, PUSAT BANDAR PUCHONG, 47100 PUCHONG, SELANGOR,
MALAYSIA.
|
|
|
Date of Appointment
|
:
|
28/09/2007
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
HONG LEONG BANK 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
|
:
|
JAPAN,CHINA,EUROPE
|
The SC refused to furnish us with the suppliers' names. Without the financial
accounts, we are not able to comment on the SC's payment habit.
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
30%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
70%
|
|
Export Market
|
:
|
UNITED STATES, AUSTRALIA, SINGAPORE,
MIDDLE EAST, AUSTRIA, SOUTHEAST ASIA, BRAZIL, CANADA, GHANA,
INDIA, NEW ZEALAND, PAPUA NEW GUINEA, SOUTH AFRICA, UNITED ARAB EMIRATES, UNITED
KINGDOM
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
LETTER OF CREDIT (LC),TELEGRAPHIC TRANSFER (TT),CHEQUES
|
|
Type of Customer
|
:
|
AGENTS,DISTRIBUTORS
|
|
No of Customer
|
:
|
60
|
|
CUSTOMER(S)
|
:
|
|
1) ACSON MALAYSIA SALES & SERVICE SDN BHD
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
|
|
|
|
|
Brand Name
|
:
|
|
|
|
|
|
|
Award
|
:
|
|
1 ) SPECIAL AWARD FOR INNOVATIVE PRODUCT BY MINISTRY OF
INTERNATIONAL TRADE AND INDUSTRY (MITI) Year :2006
|
|
2 ) MS ISO 9002 Year :0
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
DUNHAM-BUSH HOLDING BHD
|
|
MATSUSHITA AIR-CONDITIONING CORPORATION SDN BHD
|
|
PANASONIC COMPRESSOR MALAYSIA SDN BHD
|
|
PANASONIC REFRIGERATION DEVICES MALAYSIA SDN BHD
|
|
U.C.M. INDUSTRIAL CORPORATION BHD
|
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
|
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Shifts
|
:
|
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2008
|
2007
|
2006
|
2005
|
2004
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
2,000
|
1,474
|
1,140
|
1,130
|
1,024
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacture and sale of
single and multiple split air conditioners and packaged and plant air-conditioning
equipment.
The SC is under the OYL Industries Berhad which is engaged in the business of
heating, ventilation, air-conditioning, refrigeration and air filtration. The
Group owns several major International brand names including McQuay ( heating,
ventilation and air-conditioning), American Air Filters (air-filtration,
machine intake, air pollution control), J&E Hall (refrigeration) and
Acson (our home-grown air-conditioning brand).
The SC produces a wide range of products which include:
1) Wall mounted/ Exposed - 6 models
2) Ceiling convertible - has three models which are A, D & C series
3) Ceiling cassette
4) Ceiling concealed - has two models namely CC & CX
5) Static blower
6) Multi split condenser
The SC's air-conditioners are of various types, sizes, models and qualities.
The SC provides the air-conditioners mainly for homes, offices, factories,
hospitals and others.
The SC is equipped with both automated and semi-automated machineries at the
production site.
According to the SC, the demand for the air-conditioners is average.
PROJECTS
No projects found in our databank
RECENT DEVELOPMENT
March 19, 2008
Japan's biggest air-conditioner manufacturer Daikin Industries Ltd plans to use
OYL Manufacturing Co Sdn Bhd (OYLM) as a major manufacturing hub for its
global business. OYL group chief executive officer Katsuhiko Takagi said
under Daikin's Fusion 10 business plan, OYLM was expected to achieve RM1.4bil
in sales by 2010. OYLM will benefit from increased production capacity and
transfer of technology from Daikin and we hope OYLM will continue to grow and
contribute significantly to the Malaysian economy, he said at the opening of
the OYLM factory yesterday. Daikin acquired OYL Industries Bhd for RM7.6bil
in 2006. The acquisition was aimed at increasing Daikin's global presence and
positioning it to grow globally to become the world's number one
air-conditioner brand. OYL is the main producer of York and Acson
air-conditioners. The company currently has 3,000 employees and is one of the
leading manufacturers of heating, ventilation and air-conditioning equipment
in Malaysia.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-61458600
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
LOT 60334, PERSIARAN RAHMAN PUTRA 3, TAMAN PERINDUSTRIAN BUKIT
RAHMAN PUTRA, 47000 SUNGAI BULOH, SELANGOR.
|
|
Current Address
|
:
|
LOT 60334, PERSIARAN RAHMAN PUTRA 3, TAMAN PERINDUSTRIAN BUKIT
RAHMAN PUTRA, 47000 SUNGAI BULOH, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We conducted an interview from the SC's Human Resources Department, Ms C K
Ang. She furnished some information on the SC
FINANCIAL COMMENTS
The financial
summary of the SC in Year 2006 showed that it was financially stable. The SC
has generated an acceptable return on its shareholders' funds, indicating
that the SC was efficient in utilising its shareholders' funds to generate
adequate 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. A low liabilities
ratio has minimised the SC's financial risk.
Overall financial condition of the SC : STABLE
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2004
|
2005
|
2006
|
2007*
|
2008**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
25.58
|
26.13
|
26.64
|
27.17
|
27.73
|
|
Gross Domestic Products ( % )
|
7.1
|
5.3
|
5.8
|
6.3
|
6.5
|
|
Domestic Demand ( % )
|
7.5
|
7.3
|
7.0
|
9.0
|
6.8
|
|
Private Expenditure ( % )
|
13.1
|
9.5
|
7.0
|
8.6
|
8.2
|
|
Consumption ( % )
|
10.5
|
9.2
|
7.1
|
9.0
|
7.9
|
|
Investment ( % )
|
25.8
|
8.5
|
7.0
|
7.1
|
9.5
|
|
Public Expenditure ( % )
|
<2.1>
|
3.6
|
6.8
|
10.1
|
3.2
|
|
Consumption ( % )
|
6.0
|
5.4
|
5.0
|
10.8
|
5.5
|
|
Investment ( % )
|
<8.7>
|
1.9
|
8.9
|
9.3
|
0.5
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
80,663
|
99,760
|
108,192
|
99,965
|
99,599
|
|
Government Finance ( MYR Million )
|
<19,419>
|
<18,684>
|
<19,109>
|
<19,948>
|
<20,933>
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<4.3>
|
<3.8>
|
<3.3>
|
<3.2>
|
<3.1>
|
|
Inflation ( % Change in Composite CPI)
|
1.4
|
3.1
|
3.9
|
4.0
|
6.0
|
|
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
|
|
29191 : Manufacture of air-conditioning, refrigerating and
ventilating machinery
|
|
|
|
|
INDUSTRY :
|
MACHINERY
|
|
During the Ninth Malaysia Plan, greater efforts will be undertaken in the
machinery and equipment (M&E) industry to enhance domestic capability
to design and fabricate machines and tools for the mechanisation and
automation needs of the economy through the provision of incentives and
financing schemes. Promotional efforts will be intensified to attract foreign
high-technology and specialised M&E manufacturers to set up base in
Malaysia. Existing incentives for regional establishments will be improved
while, new incentive packages will be considered, including the setting up
of machinery parks within free zone facilities, with a view to making
Malaysia a centre for M&E activities in the region.
|
|
The successful establishment of the M&E industry will depend mainly on
the ability of the local engineering industry to supply parts, components
and modules as well as the availability of highly qualified technical human
resource. M&E manufacturers worldwide are turning to global outsourcing
for machinery components and modules. Thus, increased efforts will be made
to encourage local companies in the engineering support industry to upgrade
their technology and production capabilities especially to participate in
extensive outsourcing activities.
|
|
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 : Marginal Growth
|
COMMENTS
|
Incorporated in 1984, the SC is principally engaged in manufacturing and
sale of single and multiple split air conditioners, packaged and plant
air-conditioning equipment. Through years' development, the SC has
accumulated a number of long term customers. Its reputation in the market
is good. With a huge paid up capital exceeding RM50 million, the SC has
greater chances to expand its business. Besides that, backed by its strong
established holding company, the SC is expected to enjoy timely assistance
when the needs arise. Overall, the SC's business position in the market is
stable.
|
|
Over the years, the SC's business has been growing steadily due to its wide
and stable clientele base. Its good reputation coupled with its vast
experience in the business have enabled the SC to expand its business
comfortably. In order to further grow the business, the SC has expanded
steadily in the international arena. Investigation revealed that the most
of the SC's products are sold to foreign market such as United States,
Australia, Singapore and etc as exports contribute to 70% of its total
sales. The SC's receptiveness towards globalization has well diversified
its business risk. Hence, its future growth prospect remains bright. The SC
is expanding its business and this is well proven by the increasing number
of employees. The SC's management structure is well organised and its
management capability is regarded good.
|
|
During the financial year 2006, the SC's turnover and pre-tax profit stood
at RM771,344,462 and RM77,501,193 respectively. Return on shareholders'
funds of the SC is relatively high which indicated that the management was
efficient in utilising its funds to generate income. Besides that, 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. The low liabilities ratio has minimised
its financial risk. Overall, the SC's financial standing is stable.
|
|
We noted that 60% of the SC's supplies are sourced locally and the
remaining 40% are imported from overseas countries. 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.
|
|
The SC is clear of any litigation.
|
|
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 positive circumstances, we recommend credit be granted
to the SC promptly.
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA
ACCOUNTING STANDARD.
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
O.Y.L. MANUFACTURING COMPANY SDN BHD
|
|
30-June-2006
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Turnover
|
771,344,462.00
|
|
Operating Revenue
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Before Tax
|
77,501,193.00
|
|
|
---------------------
|
|
|
|
Profit/(Loss) After Tax
|
76,404,962.00
|
|
Extraordinary Item
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Attributable to Shareholders
|
76,404,962.00
|
|
|
---------------------
|
|
|
|
Prior Period Adjustment
|
0.00
|
|
Net Dividend
|
48,486,641.00
|
|
Transferred To/From Reserved
|
0.00
|
|
Others
|
0.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Brought Forward
|
127,281,755.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Carried Forward
|
155,200,076.00
|
|
|
================
|
|
|
|
BALANCE SHEET
|
|
O.Y.L. MANUFACTURING COMPANY SDN BHD
|
|
30-June-2006
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Fixed Assets
|
153,501,751.00
|
|
Total Investment
|
0.00
|
|
Amount Owing By
|
0.00
|
|
Current Assets
|
361,739,438.00
|
|
Intangible Assets
|
0.00
|
|
Other Assets
|
0.00
|
|
|
---------------------
|
|
Total Assets
|
515,241,189.00
|
|
|
================
|
|
|
|
|
Working Capital
|
213,165,551.00
|
|
|
|
|
Issued Capital
|
50,001,600.00
|
|
Paid Up Capital
|
50,001,600.00
|
|
Share Premium & Reserved
|
159,998,400.00
|
|
Unappropriated Profit/(Loss)
|
155,200,076.00
|
|
|
---------------------
|
|
Shareholder's Fund/Equity
|
365,200,076.00
|
|
|
---------------------
|
|
|
|
Current Liabilities
|
148,573,887.00
|
|
Amount Owing To
|
0.00
|
|
Long-term and Deferred Liabilities
|
1,467,226.00
|
|
Share Application Account
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Total Equity Liability
|
515,241,189.00
|
|
|
================
|
|
|
|
|
Contingent Liabilities
|
0.00
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
O.Y.L.
MANUFACTURING COMPANY SDN BHD
|
|
For The Year
Ended 30-June-2005
|
|
|
|
|
|
|
2005
|
2004
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
745,891,850
|
661,787,425
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
81,551,393
|
87,049,686
|
|
|
|
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
81,551,393
|
87,049,686
|
|
Taxation
|
<1,774,555>
|
<18,010,081>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
79,776,838
|
------------
69,039,605
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
79,776,838
|
------------
69,039,605
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
79,776,838
|
------------
69,039,605
|
|
As previous reported
|
98,150,917
|
90,207,312
|
|
|
|
|
|
As restated
|
------------
98,150,917
|
------------
90,207,312
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
177,927,755
|
159,246,917
|
|
|
|
|
|
|
|
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
<50,646,000>
|
<61,096,000>
|
|
|
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
127,281,755
==========
|
------------
98,150,917
==========
|
|
RETAINED BY: The Company
|
127,281,755
|
98,150,917
|
|
|
|
|
|
|
|
|
|
|
------------
127,281,755
==========
|
------------
98,150,917
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
Term loan
|
1,120,987
|
245,688
|
|
Bank overdraft
|
7,188
|
10,633
|
|
Other interest expenses
|
120,378
|
116,618
|
|
bankers' acceptances
|
697,144
|
-
|
|
|
------------
1,945,697
==========
|
------------
372,939
==========
|
|
|
|
|
|
O.Y.L.
MANUFACTURING COMPANY SDN BHD
|
|
As At
30-June-2005
|
|
|
|
|
|
|
2005
|
2004
|
|
|
MYR
|
MYR
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
FIXED ASSETS
|
86,663,328
|
78,378,118
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Deffered assets
|
-
|
703,000
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
-
|
------------
703,000
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
86,663,328
|
------------
79,081,118
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
82,156,041
|
80,080,610
|
|
|
|
|
|
Trade debtors
|
78,823,153
|
71,936,483
|
|
Other debtors, deposits &
prepayments
|
3,402,860
|
6,371,045
|
|
Short term deposits
|
-
|
2,600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount due from holding company
|
35,744,378
|
-
|
|
|
|
|
|
Amount due from related companies
|
124,923,751
|
117,378,995
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
10,887,511
|
12,633,745
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
335,937,694
|
------------
291,000,878
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Trade creditors
|
94,773,721
|
97,335,627
|
|
Other creditors & accruals
|
35,611,582
|
34,956,937
|
|
|
|
|
|
Bank overdraft
|
-
|
2,228,032
|
|
Short term borrowings/Term
loans
|
1,591,493
|
37,076,173
|
|
|
|
|
|
|
|
|
|
Bill & acceptances payable
|
79,400,000
|
-
|
|
|
|
|
|
|
|
|
|
Amounts owing to holding
companies
|
-
|
6,810,434
|
|
|
|
|
|
Amounts owing to related
companies
|
23,695,230
|
24,473,289
|
|
|
|
|
|
|
|
|
|
Provision for taxation
|
4,171,371
|
9,416,452
|
|
|
|
|
|
provision for warranties
|
4,594,536
|
8,110,346
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
243,837,933
|
------------
220,407,290
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
92,099,761
|
------------
70,593,588
|
|
TOTAL NET ASSETS
|
------------
178,763,089
==========
|
------------
149,674,706
==========
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share capital
|
50,000,000
|
50,000,000
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
50,000,000
|
------------
50,000,000
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss)
carried forward
|
127,281,755
|
98,150,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
127,281,755
|
------------
98,150,917
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
177,281,755
|
------------
148,150,917
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
Retirement benefits provision
|
1,481,334
|
1,523,789
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
1,481,334
|
------------
1,523,789
|
|
|
------------
|
------------
|
|
|
178,763,089
|
149,674,706
|
|
|
==========
|
==========
|
|
|
|
|
|
O.Y.L.
MANUFACTURING COMPANY SDN BHD
|
|
As At
30-June-2005
|
|
|
2005
|
2004
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
10,887,511
|
15,233,745
|
|
Net Liquid Funds
|
9,296,018
|
<24,070,460>
|
|
Net Liquid Assets
|
9,943,720
|
<9,487,022>
|
|
Net Current Assets/(Liabilities)
|
92,099,761
|
70,593,588
|
|
Net Tangible Assets
|
178,763,089
|
149,674,706
|
|
Net Monetary Assets
|
8,462,386
|
<11,010,811>
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
1,591,493
|
39,304,205
|
|
Total Liabilities
|
245,319,267
|
221,931,079
|
|
Total Assets
|
422,601,022
|
370,081,996
|
|
Net Assets
|
178,763,089
|
149,674,706
|
|
Net Assets Backing
|
177,281,755
|
148,150,917
|
|
Shareholders" Funds
|
177,281,755
|
148,150,917
|
|
Total Share Capital
|
50,000,000
|
50,000,000
|
|
Total Reserves
|
127,281,755
|
98,150,917
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
Cash Ratio
|
0.04
|
0.07
|
|
Liquid Ratio
|
1.04
|
0.96
|
|
Current Ratio
|
1.38
|
1.32
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
40
|
44
|
|
Debtors Ratio
|
39
|
40
|
|
Creditors Ratio
|
46
|
54
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0.01
|
0.27
|
|
Liabilities Ratio
|
1.38
|
1.50
|
|
Times Interest Earned Ratio
|
42.91
|
234.42
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit Margin
|
10.93
|
13.15
|
|
Net Profit Margin
|
10.70
|
10.43
|
|
Return On Net Assets
|
46.71
|
58.41
|
|
Return On Capital Employed
|
46.30
|
46.26
|
|
Return On Shareholders'
Funds/Equity
|
45.00
|
46.60
|
|
Dividend Pay Out Ratio (Times)
|
0.63
|
0.88
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
|
|
|
|
|
