|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
203754-U
|
|
COMPANY NAME
|
:
|
MFE FORMWORK TECHNOLOGY SDN BHD
|
|
FORMER NAME
|
:
|
MIVAN FAR EAST
SDN BHD (03/12/2007)
SPIRE FAR EAST SDN BHD (12/03/1992)
|
|
INCORPORATION DATE
|
:
|
05/09/1990
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
LOT 824, KOMPLEK SUN, JALAN BUKIT BINTANG, 8TH FLOOR, 55100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
501, 4TH FLOOR, BLOK B, GLOMAC BUSINESS CENTRE, 10 JALAN SS6/1,
47301 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-78032806
|
|
FAX.NO.
|
:
|
03-78033437
|
|
WEB SITE
|
:
|
www.mfeformwork.com
|
|
CONTACT PERSON
|
:
|
JIM LAUGHLIN ( CEO )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
281 45209
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURING, OPERATION, SELLING FORMWORK SYSTEM & CIVIL
ENGINEERING CONSTRUCTION
|
|
AUTHORISED CAPITAL
|
:
|
MYR
11,000,000.00 DIVIDED INTO
ORDINARY SHARE 10,000,000.00 OF MYR 1.00 EACH.
PREFERENCE SHARE 1,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
1,000,000.00 DIVIDED INTO
ORDINARY SHARES 1,000,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 213,509,882 [2007]
|
|
NET WORTH
|
:
|
MYR 53,265,339 [2007]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
35 [2008]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STABLE
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
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) manufacturing, operation,
selling formwork system & civil engineering construction.
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 and ultimate holding company of the SC is MIVAN FAR EAST (UK)
LIMITED, a company incorporated in NORTHERN IRELAND.
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
MIVAN FAR EAST (UK) LTD
|
NEWPARK, GREYSTONE ROAD, ANTRIM, NORTHERN IRELAND, BT412QN, UNITED
STATES.
|
|
1,000,000.00
|
|
|
|
|
---------------
|
|
|
|
|
1,000,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. DAVID NICHOLAS WILSON
|
|
Address
|
:
|
5, JALAN KIARA 11, BANDAR BOTANIC, 41200 KLANG, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
P740151050
|
|
Date of Birth
|
:
|
10/03/1958
|
|
Nationality
|
:
|
BRITISH
|
|
Date of Appointment
|
:
|
21/12/1999
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. STEVEN MARK ENDERBY
|
|
Address
|
:
|
E-2, PUSHPANJALI, FARMS VILLAGE, BIJWASAN NEW DELHI 110061, INDIA.
|
|
IC / PP No
|
:
|
P761082192
|
|
Date of Birth
|
:
|
22/07/1962
|
|
Nationality
|
:
|
BRITISH
|
|
Date of Appointment
|
:
|
20/07/2007
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. JAMES MARTIN LAUGHLIN
|
|
Address
|
:
|
38, JALAN JERMERLANG KUNING, SIERRAMAS, 47000 SUNGAI BULOH,
SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
P761105029
|
|
Date of Birth
|
:
|
20/07/1953
|
|
Nationality
|
:
|
BRITISH
|
|
Date of Appointment
|
:
|
10/01/1992
|
|
Remark
|
:
|
OLD PP: 740015879
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
JIM LAUGHLIN
|
|
|
Position
|
:
|
CEO
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
JAMES MARTIN LAUGHLIN
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
DAVID NICHOLAS WILSON
|
|
|
Position
|
:
|
FINANCE DIRECTOR
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
JAMES TEO
|
|
|
Position
|
:
|
OPERATIONS MANAGER
|
|
|
|
|
|
|
Auditor
|
:
|
CHEW & ASSOCIATES
|
|
Auditor' Address
|
:
|
KOMPLEK SUN, JALAN BUKIT BINTANG, 8TH FLOOR, 55100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. TAN BENG HOCK
|
|
|
IC / PP No
|
:
|
4086144
|
|
|
New IC No
|
:
|
361028-07-5295
|
|
|
Address
|
:
|
162, JALAN SS 2/4, 47300 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
Date of Appointment
|
:
|
14/04/1994
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. LAI SOOK HEAN
|
|
|
IC / PP No
|
:
|
A1854741
|
|
|
New IC No
|
:
|
710503-08-6122
|
|
|
Address
|
:
|
206, BLOCK A10 WANGSA MAJU, 53300 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
|
Date of Appointment
|
:
|
19/06/2000
|
|
|
|
|
|
|
|
|
|
|
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)
ENCUMBRANCE 1
|
Date of Creation
|
:
|
01/11/2007
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM5,000,000.00
|
|
Description Of Property Affected
|
:
|
|
1ST FIXED CHARGE AND 1ST FLOATING CHARGE OVER THE COMPANY FIXED
ASSETS
|
|
|
Name & Address Of Chargee
|
:
|
|
ABN AMRO BANK N V
|
|
MAIN OFFICE TOWER, FINANCIAL PARK LABUAN, JALAN MERDEKA, LEVEL 9A,
87000 LABUAN, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
Form 40 Dated 07/11/2007
|
|
Registered and Numbered 7 In The Register of Charges
|
LEGAL
CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of the
wound up companies in Malaysia back dated since 1900.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
50%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
50%
|
|
Import Countries
|
:
|
ASIA
|
The SC refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT
|
|
Prompt
|
[
|
|
]
|
|
Good
|
[
|
X
|
]
|
|
Average
|
[
|
|
]
|
|
|
Fair
|
[
|
|
]
|
|
Poor
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Export Market
|
:
|
HONG KONG, MACAU, INDIA, MIDDLE EAST
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
TELEGRAPHIC TRANSFER (TT),LETTER OF CREDIT (LC),CHEQUES
|
|
Type of Customer
|
:
|
END USERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The SC's projects are mostly undertakes in Malaysia. However according to Mr James,
the SC also supplies its aluminium formwork for construction to overseas
countries.
OPERATIONS
|
Products manufactured
|
:
|
|
FORMWORK SYSTEM FOR CONSTRUCTION
|
|
|
|
|
|
|
Services
|
:
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
BURNMARK INDUSTRIES SDN BHD
|
|
GE-SUNNY DALE INDUSTRIES SDN BHD
|
|
KM PRECISION (M) SDN BHD
|
|
MALAYSIAN INDUSTRIAL PRODUCTS SDN BHD
|
|
R.P.M. SDN BHD
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Total Number of Employees:
|
|
YEAR
|
2008
|
2007
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
|
35
|
30
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing, operation,
selling formwork system & civil engineering construction.
The SC designs, fabricates and supplies aluminium formwork system for
commercial as well as residential projects.
The SC has undertaken projects in commercial, industrial and educational
sectors.
According to the SC, the products are used mostly in residential projects.
Currently the SC is undertaking construction of condominium at Mount Kiara.
The project is expected to be completed by next year.
PROJECTS
No projects found in our databank
RECENT
DEVELOPMENT
We have checked with the Malysia 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
|
:
|
03-78032806
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
501, 4TH FLOOR, BLOK B, GLOMAC BUSINESS CENTRE, 10 JALAN SS6/1,
47301 PETALING JAYA, SELANGOR.
|
|
Current Address
|
:
|
501, 4TH FLOOR, BLOK B, GLOMAC BUSINESS CENTRE, 10 JALAN SS6/1,
47301 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the Senior staff from the Finance Division. She provided
some information on the SC.
FINANCIAL
COMMENTS
The financial
summary of the SC in Year 2007 showed that it was financially STABLE. The SC
has striven to achieve a favourable turnover and profitability. Return on
shareholders' funds of the SC was high indicating that the SC was efficient
in utilising its shareholders' funds to generate favourable returns. The SC
was in good liquidity position with its current liabilities well covered by
its current assets. With its current net assets, the SC should be able to
repay its short term obligations. The SC had an acceptable liabilities ratio
indicating that the SC has an acceptable level of liabilities relative to
shareholders' funds.
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)
|
|
|
|
|
|
|
|
|
MSIC CODE
|
|
281 : Manufacture of Structural Metal Products, Tanks,Reservoirs and
Steam Generators
|
|
45209 : Other civil engineering
|
|
|
|
|
INDUSTRY :
|
METAL
|
|
The government said that the metal industries are expected to attract a combined
investment of close to RM90 billion within the next 15 years under the
Third Industrial Master Plan (IMP3).
|
|
The non-ferrous metal sectors in Malaysia cover products like tin,
aluminium, copper, zinc, and lead. However the main players are the
aluminium industries which produce aluminium sheets/foils, aluminium
finstock, aluminium ingots (recycled), aluminium rods and aluminium
extruded profiles, the copper industries which produce copper rods/wires,
copper strips, copper tubes/extrusions and tin metal. There are currently
60 companies in the non-ferrous metal sectors with annual output of RM 7.3
billion with employment of 9,700 workers.
|
|
The non-ferrous metal industries provide linkage mainly to the construction
industry, electrical/electronic industry, automotive industry, food and
packaging industry.
|
|
The recently launched Third Industrial Master Plan 2006-2020 (IMP3) had
identified six strategic thrusts to further enhance the development of the
metal industry:
|
|
- Enhancing the competitiveness of the metal industry to support the growth
of the manufacturing and construction sectors;
|
|
- Sustaining and expanding the exports of metal products for existing and
new markets;
|
|
- Promoting new applications of metal in selected industries;
|
|
- Encouraging collaborations between producers and users of metal, and
upstream and downstream manufacturers;
|
|
- Attracting new investments in niche areas in the metal industry;
|
|
- Developing a skilled and qualified workforce for the metal industry.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth
|
|
Incorporated in 1990, the SC is a private limited company, focusing on manufacturing,
operation, selling formwork system and civil engineering construction.
Having been in the industry for 18 years, the SC should have received
strong support from its regular customers. With an issued and paid up
capital of RM1 million and strong shareholders' backing, the SC has the
ability to further expand its business in the future.
|
|
Over the years, the SC has established an extensive clientele base in the
market. Besides catering to the local market, the SC has penetrated into other
countries such as Hong Kong, Macau, India and etc. With the contribution of
both local and overseas customers, the SC is likely to be exposed to lower
commercial risk. Hence, we believe that the SC has better business
expansion opportunities in the future. Headed by its CEO, Jim Laughlin, the
SC currently has about 35 staff in its business operations.
|
|
During the financial year under review, the SC's turnover continued on an
upward momentum, reaching RM213.51 million in year 2007. Correspondingly, its
pre-tax profit rose to RM34.67 million. This was achieved on the back of
stronger performance of higher turnover. Based on the higher profitability,
the SC has generated a favourable return based on its existing
shareholders' funds which indicated that the management was efficient in
utilising its funds to generate income. Good liquidity level has placed the
SC at a low financial risk. The SC had an acceptable liabilities ratio
indicating that the SC has an acceptable level of liabilities relative to shareholders'
funds. The SC's overall financial performance is stable.
|
|
The SC sources its raw materials locally and internationally. Being
involved in import and export activities, the SC is subjected to the
foreign currency exchange risk.
|
|
Based on the historical financial data, we concluded that the SC's payment
record is good. Thus, the SC is able to meet its small and medium
commitment.
|
|
The potential growth for the industry is marginal and it is quite
competitive. It very much depends on the SC's capability in sustaining its
performance in the market. With the SC's favourable conditions, it should
have acquired competitive edge from its competitors.
|
|
Based on the above condition, we recommend a fairly large amount of credit
be granted to the SC promptly.
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA
ACCOUNTING STANDARD.
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
MFE FORMWORK TECHNOLOGY SDN BHD
|
|
31-December-2007
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Turnover
|
213,509,882.00
|
|
Operating Revenue
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Before Tax
|
34,667,965.00
|
|
|
---------------------
|
|
|
|
Profit/(Loss) After Tax
|
27,099,669.00
|
|
Extraordinary Item
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Attributable to Shareholders
|
27,099,669.00
|
|
|
---------------------
|
|
|
|
Prior Period Adjustment
|
0.00
|
|
Net Dividend
|
0.00
|
|
Transferred To/From Reserved
|
0.00
|
|
Others
|
0.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Brought Forward
|
24,165,670.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Carried Forward
|
51,265,339.00
|
|
|
================
|
|
|
|
BALANCE SHEET
|
|
MFE FORMWORK TECHNOLOGY SDN BHD
|
|
31-December-2007
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Fixed Assets
|
9,246,182.00
|
|
Total Investment
|
0.00
|
|
Amount Owing By
|
0.00
|
|
Current Assets
|
109,265,933.00
|
|
Intangible Assets
|
0.00
|
|
Other Assets
|
0.00
|
|
|
---------------------
|
|
Total Assets
|
118,512,115.00
|
|
|
================
|
|
|
|
|
Working Capital
|
45,098,920.00
|
|
|
|
|
Issued Capital
|
1,000,000.00
|
|
Paid Up Capital
|
1,000,000.00
|
|
Share Premium & Reserved
|
1,000,000.00
|
|
Unappropriated Profit/(Loss)
|
51,265,339.00
|
|
|
---------------------
|
|
Shareholder's Fund/Equity
|
53,265,339.00
|
|
|
---------------------
|
|
|
|
Current Liabilities
|
64,167,013.00
|
|
Amount Owing To
|
0.00
|
|
Long-term and Deferred Liabilities
|
1,079,763.00
|
|
Share Application Account
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Total Equity Liability
|
118,512,115.00
|
|
|
================
|
|
|
|
|
Contingent Liabilities
|
0.00
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
MFE FORMWORK
TECHNOLOGY SDN BHD
|
|
For The Year
Ended 31-December-2006
|
|
|
2006
|
2005
|
|
|
MYR
|
MYR
|
|
TURNOVER
|
115,648,142
|
88,512,674
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
11,910,011
|
7,678,659
|
|
|
|
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
11,910,011
|
7,678,659
|
|
Taxation
|
<2,779,062>
|
<2,674,314>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
9,130,949
|
------------
5,004,345
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
9,130,949
|
------------
5,004,345
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
9,130,949
|
------------
5,004,345
|
|
As previous reported
|
15,034,721
|
16,030,376
|
|
|
|
|
|
As restated
|
------------
15,034,721
|
------------
16,030,376
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
24,165,670
|
21,034,721
|
|
|
|
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
-
|
<6,000,000>
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
24,165,670
==========
|
------------
15,034,721
==========
|
|
RETAINED BY: The Company
|
24,165,670
|
15,034,721
|
|
|
|
|
|
|
|
|
|
|
------------
24,165,670
==========
|
------------
15,034,721
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
|
|
|
Other interest expenses
|
111,446
|
183,375
|
|
|
|
|
|
|
------------
111,446
==========
|
------------
183,375
==========
|
|
MFE FORMWORK
TECHNOLOGY SDN BHD
|
|
As At
31-December-2006
|
|
|
2006
|
2005
|
|
|
MYR
|
MYR
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
FIXED ASSETS
|
6,578,286
|
4,766,263
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
6,578,286
|
------------
4,766,263
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
5,917,435
|
4,734,204
|
|
|
|
|
|
Trade debtors
|
36,712,610
|
26,285,634
|
|
Other debtors, deposits &
prepayments
|
2,375,899
|
2,106,733
|
|
Short term deposits
|
1,057,978
|
1,031,884
|
|
|
|
|
|
Cash & bank balances
|
3,410,220
|
278,028
|
|
|
|
|
|
Amounts recoverable on contracts
|
4,410,256
|
8,014,508
|
|
TOTAL CURRENT ASSETS
|
------------
53,884,398
|
------------
42,450,991
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Trade creditors
|
18,111,830
|
18,292,950
|
|
Other creditors & accruals
|
13,899,652
|
10,115,103
|
|
Hire purchase & lease
creditors
|
92,160
|
111,807
|
|
Bank overdraft
|
530,835
|
-
|
|
Provision for taxation
|
1,011,090
|
804,976
|
|
|
|
|
|
Payments on account
|
-
|
783,873
|
|
TOTAL CURRENT LIABILITIES
|
------------
33,645,567
|
------------
30,108,709
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
20,238,831
|
------------
12,342,282
|
|
TOTAL NET ASSETS
|
------------
26,817,117
==========
|
------------
17,108,545
==========
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share capital
|
1,000,000
|
1,000,000
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
1,000,000
|
------------
1,000,000
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
Capital reserve
|
1,000,000
|
1,000,000
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss)
carried forward
|
24,165,670
|
15,034,721
|
|
|
|
|
|
TOTAL RESERVES
|
------------
25,165,670
|
------------
16,034,721
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
26,165,670
|
------------
17,034,721
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
Hire purchase creditors
|
67,886
|
73,824
|
|
Deferred taxation
|
583,561
|
-
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
651,447
|
------------
73,824
|
|
|
------------
|
------------
|
|
|
26,817,117
|
17,108,545
|
|
|
==========
|
==========
|
|
|
|
|
|
MFE FORMWORK
TECHNOLOGY SDN BHD
|
|
As At
31-December-2006
|
|
|
2006
|
2005
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
4,468,198
|
1,309,912
|
|
Net Liquid Funds
|
3,937,363
|
1,309,912
|
|
Net Liquid Assets
|
14,321,396
|
7,608,078
|
|
Net Current Assets/(Liabilities)
|
20,238,831
|
12,342,282
|
|
Net Tangible Assets
|
26,817,117
|
17,108,545
|
|
Net Monetary Assets
|
13,669,949
|
7,534,254
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
690,881
|
185,631
|
|
Total Liabilities
|
34,297,014
|
30,182,533
|
|
Total Assets
|
60,462,684
|
47,217,254
|
|
Net Assets
|
26,817,117
|
17,108,545
|
|
Net Assets Backing
|
26,165,670
|
17,034,721
|
|
Shareholders" Funds
|
26,165,670
|
17,034,721
|
|
Total Share Capital
|
1,000,000
|
1,000,000
|
|
Total Reserves
|
25,165,670
|
16,034,721
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
Cash Ratio
|
0.13
|
0.04
|
|
Liquid Ratio
|
1.43
|
1.25
|
|
Current Ratio
|
1.60
|
1.41
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
19
|
20
|
|
Debtors Ratio
|
116
|
108
|
|
Creditors Ratio
|
57
|
75
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0.03
|
0.01
|
|
Liabilities Ratio
|
1.31
|
1.77
|
|
Times Interest Earned Ratio
|
107.87
|
42.87
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit Margin
|
10.30
|
8.68
|
|
Net Profit Margin
|
7.90
|
5.65
|
|
Return On Net Assets
|
44.83
|
45.95
|
|
Return On Capital Employed
|
43.81
|
45.66
|
|
Return On Shareholders'
Funds/Equity
|
34.90
|
29.38
|
|
Dividend Pay Out Ratio (Times)
|
0
|
1.20
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
|
