* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
371775-T
|
|
COMPANY NAME
|
:
|
INTERGO FURNITURE SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
26/12/1995
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
LOT 2064, JALAN KAMPUNG TANJUNG SELABU, MUKIM SUNGAI RAYA, 84300
BUKIT PASIR, JOHOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 2064, JALAN KAMPUNG TANJUNG SELABU, MUKIM SUNGAI RAYA, 84300
BUKIT PASIR, JOHOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
06-9859955
|
|
FAX.NO.
|
:
|
06-9858249
|
|
EMAIL
|
:
|
intergo@intergofurniture.com
|
|
WEB SITE
|
:
|
www.intergofurniture.com
|
|
CONTACT PERSON
|
:
|
POH LEONG YAH ( CEO )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
361
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURE OF FURNITURE & FITTINGS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 5,000,000.00 DIVIDED INTO
ORDINARY SHARE 5,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 2,000,000.00 DIVIDED INTO
ORDINARY SHARES 1,000,000 CASH AND 1,000,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 15,944,080 [2009]
|
|
NET WORTH
|
:
|
MYR 5,898,364 [2009]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
100 [2011]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD36,921
|
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 of furniture
& fittings.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
MR. POH LEONG YAH +
|
56, JALAN SUNGAI ABONG, TAMAN PERTAMA, KASAWALI 3, 84000 MUAR, JOHOR, MALAYSIA.
|
700603-01-6085
A1576730
|
1,334,000.00
|
|
MS. POH SIEW HAH +
|
163, JALAN PERDANA 4, TAMAN PERDANA, JOHOR, MALAYSIA.
|
710901-01-5960
A2011251
|
444,000.00
|
|
PAE KIM SAN
|
|
S1573936C
|
222,000.00
|
|
|
|
|
---------------
|
|
|
|
|
2,000,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MS. POH SIEW HAH
|
|
Address
|
:
|
163, JALAN PERDANA 4, TAMAN PERDANA, JOHOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A2011251
|
|
New IC No
|
:
|
710901-01-5960
|
|
Date of Birth
|
:
|
01/09/1971
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
28/08/2000
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. POH LEONG YAH
|
|
Address
|
:
|
56, JALAN SUNGAI ABONG, TAMAN PERTAMA, KASAWALI 3, 84000 MUAR, JOHOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A1576730
|
|
New IC No
|
:
|
700603-01-6085
|
|
Date of Birth
|
:
|
03/06/1970
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
26/12/1995
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
POH LEONG YAH
|
|
|
Position
|
:
|
CEO
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
LIM KAI SING & CO
|
|
Auditor' Address
|
:
|
7A, JALAN PERMAS 1/25, BANDAR BARU PERMAS JAYA, 81750 MASAI, JOHOR, MALAYSIA.
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. SAW BEE TIN
|
|
|
IC / PP No
|
:
|
5508170
|
|
|
New IC No
|
:
|
581215-01-5698
|
|
|
Address
|
:
|
6, JALAN INDAH 3/1, TAMAN INDAH SECTION 3, BUKIT SEBUKOR, 75150
MELAKA, MELAKA, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
HSBC 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
|
:
|
21/02/2008
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM8,000,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
HSBC BANK MALAYSIA
BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 11 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.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SC
* We have checked through the SC in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
5%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
95%
|
|
Export Market
|
:
|
ASIA, MIDDLE EAST, UNITED STATES, EUROPE
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
|
|
|
|
|
Brand Name
|
:
|
INTERGO
|
|
|
|
|
|
Award
|
:
|
1 ) EXCELLENCE
BRAND OF ASIA PACIFIC ENTREPRENEUR
EXCELLENCE AWARD Year :2005
2 ) GOLDEN BULL AWARD Year :2005
|
|
|
|
|
|
Competitor(s)
|
:
|
BE WOOD CRAFT
SDN BHD
HEVEAPAC SDN BHD
J.L. RESOURCES SDN BHD
PREMIER CONTRACT RESOURCES (M) SDN BHD
SCANWOLF PLASTIC INDUSTRIES SDN BHD
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
SMI ASSOCIATION OF MALAYSIAMALAYSIA EXTERNAL TRADE DEVELOPMENT
CORPORATION (MATRADE)SMALL & MEDIUM ENTERPRISEMALAYSIA FURNITURE
INDUSTRY
|
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2011
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
100
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacture of furniture
& fittings.
The SC is a specialist, producing a vast range of wooden sofa (simple,
elegant, modern, classic & luxury ) to serve different levels markets
worldwide.
The SC has more than 100 different designs of wooden sofa, bedroom sets and
dining sets.
The SC's products come in Knock Down from, Semi-Set up form, Fully Set up
form or Upholstery Packing. The SC is able to comply to Fire Retardant
regulation.
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
|
:
|
606 985 9955
|
|
Current Telephone Number
|
:
|
06-9859955
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
LOT 2064 JALAN KAMPUNG TANJUNG SELABU MUKIM SUNGAI RAJA BUKIT PASIR
84300 MUAR JOHOR WEST
|
|
Current Address
|
:
|
LOT 2064, JALAN KAMPUNG TANJUNG SELABU, MUKIM SUNGAI RAYA, 84300
BUKIT PASIR, JOHOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted Ms Elaine from the Admin Department. She provided some
information on the SC.
FINANCIAL COMMENTS
The financial
summary of the SC in Year 2009 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
adequate returns. Besides this, it also has an adequate 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, the SC has high liabilities ratio and it may face financial
difficulties if no additional capital is injected.
Overall financial condition of the SC : FAIR
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
27.17
|
27.73
|
28.31
|
28.88
|
29.13
|
|
Gross Domestic Products ( % )
|
6.3
|
4.6
|
<0.5>
|
6.9
|
5.8
|
|
Domestic Demand ( % )
|
9.0
|
6.9
|
2.9
|
4.6
|
4.8
|
|
Private Expenditure ( % )
|
8.6
|
7.1
|
<2.7>
|
8.1
|
7.0
|
|
Consumption ( % )
|
9.0
|
8.4
|
0.7
|
6.7
|
6.3
|
|
Investment ( % )
|
7.1
|
1.5
|
<17.2>
|
15.2
|
10.2
|
|
Public Expenditure ( % )
|
10.1
|
6.5
|
5.2
|
3.8
|
2.8
|
|
Consumption ( % )
|
10.8
|
11.6
|
3.1
|
0.2
|
4.6
|
|
Investment ( % )
|
9.3
|
0.7
|
8.0
|
8.3
|
0.6
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
100,340
|
129,563
|
89,650
|
118,356
|
116,058
|
|
Government Finance ( MYR Million )
|
<19,948>
|
<34,462>
|
<28,450>
|
<40,482>
|
-
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<3.2>
|
<4.8>
|
<4.8>
|
<5.6>
|
<5.4>
|
|
Inflation ( % Change in Composite CPI)
|
2.0
|
<3.3>
|
<5.2>
|
5.1
|
-
|
|
Unemployment Rate
|
3.2
|
3.7
|
4.5
|
3.9
|
-
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
336
|
388
|
331
|
394
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
3.04
|
1.91
|
2.87
|
2.20
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
13.30
|
13.24
|
11.08
|
15.30
|
-
|
|
Average Base Lending Rate ( % )
|
6.72
|
6.72
|
5.53
|
5.70
|
-
|
|
Business Loans Disbursed( % )
|
9.1
|
11.6
|
10.5
|
14.7
|
-
|
|
Foreign Investment ( MYR Million )
|
33,426.0
|
23,261.4
|
22,156.8
|
22,517.9
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
43,337
|
41,599
|
41,578
|
-
|
-
|
|
Registration of New Companies ( % )
|
13.2
|
<4.0>
|
<0.1>
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
22,629
|
27,992
|
39,075
|
-
|
-
|
|
Liquidation of Companies ( % )
|
161.5
|
23.7
|
39.6
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
227,410
|
269,866
|
312,581
|
-
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
20,431
|
18,885
|
19,345
|
-
|
-
|
|
Business Dissolved ( % )
|
<61.4>
|
<7.6>
|
2.4
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
442.9
|
497.5
|
319.4
|
369.7
|
-
|
|
Cellular Phone Subscribers ( Million )
|
23.3
|
25.1
|
30.1
|
32.8
|
-
|
|
Tourist Arrival ( Million Persons )
|
20.9
|
21.5
|
23.6
|
24.0
|
25.0
|
|
Hotel Occupancy Rate ( % )
|
70
|
68
|
58
|
63
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
20.1
|
17.1
|
12.8
|
15.1
|
-
|
|
Bad Cheque Offenders (No.)
|
30,004
|
34,834
|
-
|
-
|
-
|
|
Individual Bankruptcy ( No.)
|
13,238
|
13,907
|
-
|
-
|
-
|
|
Individual Bankruptcy ( % )
|
<2.6>
|
5.1
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Agriculture
|
3.1
|
3.6
|
0.4
|
3.4
|
4.5
|
|
Palm Oil
|
<0.6>
|
7.0
|
<1.1>
|
1.3
|
-
|
|
Rubber
|
1.0
|
<1.1>
|
<19.8>
|
9.9
|
-
|
|
Forestry & Logging
|
2.8
|
<1.5>
|
<5.9>
|
<1.3>
|
-
|
|
Fishing
|
5.2
|
4.0
|
5.5
|
4.1
|
-
|
|
Other Agriculture
|
7.0
|
5.9
|
9.0
|
6.6
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
487.3
|
393.0
|
413.7
|
508.4
|
-
|
|
% of Industry Non-Performing Loans
|
1.1
|
<2.0>
|
1.3
|
2.1
|
-
|
|
|
|
|
|
|
|
|
Mining
|
3.3
|
<0.8>
|
<3.8>
|
1.0
|
2.9
|
|
Oil & Gas
|
2.2
|
12.7
|
2.1
|
4.9
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
42.2
|
36.0
|
44.2
|
49.7
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
3.1
|
1.3
|
<9.4>
|
10.8
|
6.7
|
|
Exported-oriented Industries
|
<1.9>
|
2.7
|
<19.0>
|
12.1
|
-
|
|
Electrical & Electronics
|
3.0
|
2.4
|
<30.3>
|
27.4
|
-
|
|
Rubber Products
|
8.0
|
4.2
|
<10.1>
|
25.3
|
-
|
|
Wood Products
|
3.3
|
<6.0>
|
<24.1>
|
19.7
|
-
|
|
Textiles & Apparel
|
<10.1>
|
1.9
|
<19.5>
|
<1.3>
|
-
|
|
Domestic-oriented Industries
|
5.3
|
9.9
|
<9.8>
|
16.3
|
-
|
|
Food, Beverages & Tobacco
|
5.6
|
9.5
|
0.2
|
3.0
|
-
|
|
Chemical & Chemical Products
|
9.2
|
1.4
|
<7.7>
|
20.4
|
-
|
|
Plastic Products
|
<3.6>
|
6.5
|
<9.1>
|
2.4
|
-
|
|
Iron & Steel
|
17.5
|
16.8
|
<32.7>
|
30.0
|
-
|
|
Fabricated Metal Products
|
26.2
|
14.7
|
<2.5>
|
14.9
|
-
|
|
Non-metallic Mineral
|
6.6
|
8.3
|
<15.5>
|
20.2
|
-
|
|
Transport Equipment
|
<19.0>
|
27.1
|
<13.5>
|
36.5
|
-
|
|
Paper & Paper Products
|
14.9
|
8.6
|
<5.0>
|
20.5
|
-
|
|
Crude Oil Refineries
|
8.6
|
7.8
|
0.2
|
<11.4>
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,366.2
|
5,729.4
|
6,007.3
|
6,217.5
|
-
|
|
% of Industry Non-Performing Loans
|
14.1
|
16.8
|
18.3
|
23.8
|
-
|
|
|
|
|
|
|
|
|
Construction
|
4.6
|
2.1
|
5.8
|
4.9
|
4.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,116.7
|
4,149.8
|
3,241.8
|
4,038.5
|
-
|
|
% of Industry Non-Performing Loans
|
11.3
|
12.2
|
9.9
|
10.7
|
-
|
|
|
|
|
|
|
|
|
Services
|
9.7
|
7.3
|
2.6
|
6.5
|
5.3
|
|
Electric, Gas & Water
|
4.6
|
5.0
|
0.4
|
8.5
|
5.6
|
|
Transport, Storage & Communication
|
7.60
|
7.80
|
1.60
|
7.15
|
7.55
|
|
Wholesale, Retail, Hotel & Restaurant
|
11.6
|
10.0
|
2.8
|
4.7
|
5.2
|
|
Finance, Insurance & Real Estate
|
10.7
|
9.2
|
3.8
|
6.0
|
5.2
|
|
Government Services
|
4.6
|
8.6
|
2.0
|
6.7
|
1.9
|
|
Other Services
|
5.0
|
5.9
|
4.4
|
4.2
|
5.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
10,207.8
|
8,281.4
|
6,631.3
|
7,384.6
|
-
|
|
% of Industry Non-Performing Loans
|
22.6
|
24.3
|
20.2
|
25.7
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
|
|
|
|
|
|
|
INDUSTRY COMMENTS
|
MSIC CODE
|
|
361 : Manufacture of Furniture
|
|
|
|
|
INDUSTRY :
|
FURNITURE & FIXTURES
|
|
|
|
|
|
|
MALAYSIA's
2011 furniture exports are likely to improve by 9% to RM8.7 billion,
provided the US dollar stabilises at the current level and manufacturers are
able to secure enough foreign workers at their factories. The Malaysian
Timber Industry Board estimates that furniture exports at 2010 may have
touched RM8 billion as manufacturers suffered profit erosion from a
weakening US dollar and insufficient labourers to work on their clients'
orders.
|
|
According to the Malaysian Furniture Industry Council (MFIC), the
government's policy to reduce the country's dependency on foreign workers
is having an adverse impact on furniture production and exports. Furniture
export earnings will decline if there have not enough foreign workers to
work on the orders. Many small and medium enterprises will face shutdown
prospects.
|
|
There was growing demand for Malaysian-made furniture from the US and Australia, especially now as
American consumer spending is showing signs of recovery and Australians
need to refurbish their homes after the big flood. Traditional markets like
the US and Europe tend
to favour Malaysia over
low-cost producers like China
and Vietnam
due to better quality control and reliable after-sales services.
|
|
Malaysia has not benefited
from free trade agreements with Asean as well as Australia
and New Zealand,
which came into effect in January 2010. Singapore
and Thailand are enjoying
zero tariff on upholstery and wooden furniture when it is shipped into Australia and New Zealand. Malaysia,
however, is not. These may affect the furniture industry. Malaysian
furniture exporters sell in US dollar. When the ringgit strengthens, their
exports become more expensive. This leads to a fall in demand. In the last
12 months, the ringgit has been strengthening against the dollar. The
profit margins in the furniture export industry are between 3 and 15 per
cent and the order process takes an average of two months.
|
|
Malaysia
stands as the world's 10th largest exporter of furniture by sales volume.
The industry's main export markets are the United
States, Japan,
Europe, Australia and
the Middle East. The local furniture
industry will continue to be a major revenue earner for the country.
|
|
The Malaysian producers and exporters must rebrand themselves to move up
the value chain, to achieve higher levels of performance and
competitiveness and progress from being OEM production towards own design
manufacturing and original brand manufacturing. The Plantation Industries
and Commodities Ministry and the Malaysian Timber Industry Board has drawn
up strategies through the National Timber Industry Policy towards this
direction. The small- and medium-sized enterprises to penetrate countries
in the Middle East, East Asia, Southeast Asia and Africa as an avenue to
improve international trade performance.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth
|
COMMENTS & RECOMMENDATION
|
Incorporated in 1995 as a private limited company, the SC is principally
engaged in the manufacturing of furniture and fittings. Having been in the
industry for over a decade, the SC has achieved a certain market share and has
built up a satisfactory reputation in the market. A paid up capital of RM2
million allows the SC to expand its business more comfortably. We
considered that the SC's business position in the market is much dependent
on the efforts of its directors.
|
|
Besides growing locally, the SC's geographical reach has extended from Malaysia to Asia, Middle East, United
States and etc. Currently, exports
comprise approximately 95% of the SC's revenues. Such wide market coverage
has benefited the SC in terms of higher earning and minimised its
commercial risk. However, being an export oriented company the SC is
subjected to certain inherent risk of global economy slowdown, foreign
currencies fluctuations and stiff competition in the international market.
Currently, the SC has a total work force of 100 employees in its operation.
Overall, the management capability of the SC is average.
|
|
During the financial year 2009, the SC's pre-tax profit stood at RM818,076,
given a turnover of RM15.94 million. Return on shareholders' funds of the
SC was at an acceptable range which indicated that the management was
efficient in utilising its funds to generate income. The SC managed to
maintain an adequate liquidity level, indicating that the SC has the
ability to meet its financial obligations. However, the SC has high
liabilities ratio and it may face financial difficulties if no additional
capital is injected. Nevertheless, as the SC maintain a positive net worth
standing at RM5.89 million, we believe the SC is able to enhance its
business in the near term.
|
|
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.
|
|
The potential growth for the industry is marginal and it is quite
competitive. It is much dependent on the SC's capacity in sustaining its
performance in the market. As the SC is long presence in the market, it
should have acquired competitive edge against other players in the same
fields.
|
|
Based on the above condition, we recommend credit be granted to the SC
normally.
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA
ACCOUNTING STANDARD.
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
INTERGO FURNITURE SDN BHD
|
|
31-December-2009
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Turnover
|
15,944,080.00
|
|
Operating Revenue
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Before Tax
|
818,076.00
|
|
|
---------------------
|
|
|
|
Profit/(Loss) After Tax
|
634,749.00
|
|
Extraordinary Item
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Attributable to Shareholders
|
634,749.00
|
|
|
---------------------
|
|
|
|
Prior Period Adjustment
|
0.00
|
|
Net Dividend
|
0.00
|
|
Transferred To/From Reserved
|
0.00
|
|
Others
|
0.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Brought Forward
|
3,263,615.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Carried Forward
|
3,898,364.00
|
|
|
================
|
|
|
|
BALANCE SHEET
|
|
INTERGO FURNITURE SDN BHD
|
|
31-December-2009
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Fixed Assets
|
7,091,206.00
|
|
Total Investment
|
0.00
|
|
Amount Owing By
|
0.00
|
|
Current Assets
|
9,957,417.00
|
|
Intangible Assets
|
0.00
|
|
Other Assets
|
0.00
|
|
|
---------------------
|
|
Total Assets
|
17,048,623.00
|
|
|
================
|
|
|
|
|
Working Capital
|
656,264.00
|
|
|
|
|
Issued Capital
|
2,000,000.00
|
|
Paid Up Capital
|
2,000,000.00
|
|
Share Premium & Reserved
|
0.00
|
|
Unappropriated Profit/(Loss)
|
3,898,364.00
|
|
|
---------------------
|
|
Shareholder's Fund/Equity
|
5,898,364.00
|
|
|
---------------------
|
|
|
|
Current Liabilities
|
9,301,153.00
|
|
Amount Owing To
|
0.00
|
|
Long-term and Deferred Liabilities
|
1,849,106.00
|
|
Share Application Account
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Total Equity Liability
|
17,048,623.00
|
|
|
================
|
|
|
|
|
Contingent Liabilities
|
0.00
|
|
|
|
|
|
