|
* Adopted abbreviations : SC - Subject Company (the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
517283-H
|
|
COMPANY NAME
|
:
|
INTEGRAL CHEMICAL (M) SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
19/06/2000
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
A508, BLOCK A, KELANA SQUARE 17 JALAN SS 7/26 KELANA JAYA, 47301
PETALING JAYA, SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
75 JALAN UTAMA 2/22, MAJU JAYA INDUSTIAL PARK, 47100 PUCHONG,
SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
N/A
|
|
FAX.NO.
|
:
|
N/A
|
|
CONTACT PERSON
|
:
|
KENG SENG CHAN
( DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
525
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADING OF
PLASTICS MATERIAL AND RELATED PRODUCTS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR 100,000.00
DIVIDED INTO
ORDINARY SHARE 100,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR 100,000.00
DIVIDED INTO
ORDINARY SHARES 100,000 CASH OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 1,053,599
[2010]
|
|
NET WORTH
|
:
|
MYR 222,336
[2010]
|
|
STAFF STRENGTH
|
:
|
N/A
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
COMMERCIAL RISK
|
:
|
N/A
|
|
CURRENCY EXPOSURE
|
:
|
N/A
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD2,579.00
|
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) trading of plastics
material and related products.
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. KENG SENG CHAN +
|
22-A JALAN SL7/19, BANDAR SUNGAI LONG, CHERAS, 43000 KAJANG,
SELANGOR, MALAYSIA.
|
660102-08-5281
|
99,999.00
|
|
MS. LAU KAI LAN +
|
22-A JALAN SL 7/19, BANDAR SUNGAI LONG CHERAS, 43000 KAJANG,
SELANGOR, MALAYSIA.
|
680505-10-6102
|
1.00
|
|
|
|
|
---------------
|
|
|
|
|
100,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MS. CHAU LEE CHENG
|
|
Address
|
:
|
E3-5-65 PERMAI VILLA, TAMAN PUCHONG PERMAI, 47100 PUCHONG, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
730404-02-5330
|
|
Date of Birth
|
:
|
04/04/1973
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MS. LAU KAI LAN
|
|
Address
|
:
|
22-A JALAN SL 7/19, BANDAR SUNGAI LONG CHERAS, 43000 KAJANG,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
680505-10-6102
|
|
Date of Birth
|
:
|
05/05/1968
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. KENG SENG CHAN
|
|
Address
|
:
|
22-A JALAN SL7/19, BANDAR SUNGAI LONG, CHERAS, 43000 KAJANG,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
660102-08-5281
|
|
Date of Birth
|
:
|
02/01/1966
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
KENG SENG CHAN
|
|
|
Position
|
:
|
DIRECTOR
|
AUDITOR
|
Auditor
|
:
|
J K HUAN & CO
|
|
Auditor' Address
|
:
|
A507, BLOCK A, KELANA SQUARE 17, JALAN SS 7/26, KELANA JAYA, 47301
PETALING JAYA, SELANGOR, MALAYSIA.
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. NGOI GUAT EE
|
|
|
IC / PP No
|
:
|
A0823997
|
|
|
New IC No
|
:
|
671125-10-5082
|
|
|
Address
|
:
|
29 JALAN KENANGA SD9/5C, BANDAR SRI DAMANSARA, 52200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
BANKING
No Banker found in our databank.
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.
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
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
The SC's Director, Mr Keng Seng Chan refused to disclose any information on
the SC's payment record.
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 0-30 Days
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
X
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
N/A
|
|
|
|
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
N/A
|
The SC's Director, Mr Keng Seng Chan refused to disclose any information on
the SC's clientele.
OPERATIONS
|
Competitor(s)
|
:
|
HARUM ASPIRASI
SDN BHD
HEILONGJIANG TRADING (M) SDN BHD
NONSTOPOWER SDN BHD
TAPES & INSULATED PRODUCTS SDN BHD
TAUPLENE ENTERPRISE SDN BHD
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of plastics
material and related products.
The SC's Director, Mr Keng Seng Chan refused to disclose any information on
the SC's operation.
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
|
:
|
N/A
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
NO. 15 JALAN MERANTI JAYA 10 TAMAN PERINDUSTR MERANTI JAYA 47120
SELANGOR DARUL EHSAN
|
|
Current Address
|
:
|
75 JALAN UTAMA 2/22, MAJU JAYA INDUSTIAL PARK, 47100 PUCHONG,
SELANGOR, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the SC's Director, Mr Keng Seng Chan on his mobile at
012-2094855. However he refused to reveal any information on the SC.
He also refused to verify the SC's business address as well as the address
provided.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Increased
|
[
|
38.79%
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
<55.42%>
|
]
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
<12.42%>
|
]
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
<13.68%>
|
]
|
The increase in turnover could be due to the SC adopting an aggressive
marketing strategy. The SC could be more efficient in controlling its
operating costs and had managed to reduce its losses during the year. The
SC's unfavourable returns on shareholders' funds indicate the management's
inefficiency in utilising its assets to generate returns.
Working Capital Control:
|
Stock Ratio
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
Debtors Ratio
|
:
|
Unfavourable
|
[
|
119 Days
|
]
|
|
Creditors Ratio
|
:
|
Unfavourable
|
[
|
75 Days
|
]
|
As the SC is a service oriented company, the SC does not need to keep stocks.
The SC's debtors ratio was high. The SC should tighten its credit control and
improve its collection period. The unfavourable creditors' ratio could be due
to the SC taking advantage of the credit granted by its suppliers. However
this may affect the goodwill between the SC and its suppliers and the SC may
inadvertently have to pay more for its future supplies.
Liquidity:
|
Liquid Ratio
|
:
|
Favourable
|
[
|
1.97 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.97 Times
|
]
|
A minimum liquid ratio of 1 should be maintained by the SC in order to assure
its creditors of its ability to meet short term obligations and the SC was in
a good liquidity position. Thus, we believe the SC is able to meet all its
short term obligations as and when they fall due.
Solvency
|
Interest Cover
|
:
|
Nil
|
[
|
0.00 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 Times
|
]
|
The SC's interest cover was nil as it did not pay any interest during the
year. The SC had no gearing and hence it had virtually no financial risk. The
SC was financed by its shareholders' funds and internally generated fund.
During the economic downturn, the SC, having a zero gearing, will be able to
compete better than those which are highly geared in the same industry.
Overall
Assessment:
The higher
turnover had helped to reduce the SC's losses. The SC was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the SC should be able to repay its short
term obligations. The SC did not make any interest payment during the year.
The SC was dependent on its shareholders' funds to finance its business
needs. The SC was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The SC has good chance
of getting loans, if the needs arises.
Overall financial condition of the SC : 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
|
|
525 : Retail Trade Not in Stores
|
|
|
|
|
INDUSTRY :
|
TRADING
|
|
|
|
|
|
|
Retail chain outlook in year 2010 is positive.
|
|
Figure shown that in year 2009, retail sales grew by a mere 0.8 per cent
while in 2008, the growth was at 5 per cent. In 2007, retail sales grew by
12.8 per cent. Last year was challenging, businesses that were hit were
those in the fashion and fashion accessories as well as those that sold
luxury or higher priced items.
|
|
However, most of the business have started to pick up this year. The 5.5
per cent growth is expected to translate into RM74.9 billion in consumer
spending on items ranging from clothing to furniture and groceries to
jewelery. The figures do not take into account big ticket items like houses
and cars.
|
|
Sales in the second half of the year will see an impact from the reduction
of subsidies and rising interest rates. The government's move of reducing
subsidies this year will have a major impact on consumers this year. Prices
may not have risen so far, but they are expected to do so towards the end
of the year.
|
|
Another factor affecting retail trend is the cost of borrowing. Rising
interest rates will have some impact on the purchasing power of Malaysian
consumers.
|
|
It costs more now to buy big tickets items or consumer goods on credit. At
the same time, higher car and housing installments will reduce the spending
power of consumers on retail goods. Moreover, domestic consumption may also
be affected as the external demand remains week.
|
|
In the first quarter of 2010, retail growth was at 7.9 per cent, up from a
3.3 per cent contraction. With the exception of the second quarter of 2010,
the three other quarters are expected to grow over last year's
corresponding quarters. Sales in the third quarter are set to improve by 6
per cent due to the Mega Sale Carnival and Hari Raya purchases. Retail
sales in the October to December 2010 period are forecast to grow by 3.5
per cent supported by the traditional year-end school holidays and
Christmas shopping. Sales in the third quarter are set to improve by 6 per
cent due to the Mega Sale Carnival and Hari Raya purchases.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth
|
COMMENTS & RECOMMENDATION
Incorporated in 2000 as a private limited company, the SC is principally
engaged in the trading of plastics material and related products. Having been
in the industry for 11 years, the SC has achieved a certain market share and
has built up a satisfactory reputation in the market. Without a strong
shareholders' backing, the opportunity of the SC to expand its business is
limited.
Due lack of information about the SC's clientile and payment record, we are
unable to comment on the SC's overall business risk. The management of the SC
is overseen by its Managing Director, Keng Seng Chan. Overall, we regard that
the SC's management capability is average.
In year 2010, despite the higher turnover of RM1.05 million, the SC suffered
pre-tax losses of RM30,419 which reflected a highly competitive business
environment. Due to these losses, the SC has generated an unfavourable return
on shareholders' funds indicating that the management was inefficient in utilising
its funds to generate return. Fortunately, the SC is in good liquidity
position with its current liabilities well covered by its current assets.
Hence, it has sufficient working capital to meet its short term financial
obligations. Being a zero geared company, the SC virtually has no financial
risk as it is mainly dependent on its internal funds to finance its business
needs.
Based on our historical financial data, the SC's payment is average. The SC
should be able to meet its small and medium commitments. Some caution needed
for big transactions. The SC is clear of any litigation action.
The industry expects to enjoy a marginal growth in the near term. As the
market competition is tight, the SC should adopt more marketing strategies in
order to retain its market position as well as compete with other well
established players in the same field.
In view of the above, we recommend credit be granted to the SC with close
monitoring.
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
INTEGRAL
CHEMICAL (M) SDN BHD
|
|
For The Year
Ended 30-09-2010
|
|
|
2010
|
2009
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
1,053,599
|
759,146
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
<30,419>
|
<68,237>
|
|
|
|
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
<30,419>
|
<68,237>
|
|
Taxation
|
2,809
|
<192>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
<27,610>
|
------------
<68,429>
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
<27,610>
|
------------
<68,429>
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
<27,610>
|
------------
<68,429>
|
|
As previous reported
|
199,946
|
268,375
|
|
As restated
|
------------
199,946
|
------------
268,375
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
172,336
|
199,946
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
<50,000>
|
-
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
122,336
==========
|
------------
199,946
==========
|
|
RETAINED BY: The Company
|
122,336
|
199,946
|
|
|
------------
122,336
==========
|
------------
199,946
==========
|
BALANCE SHEET
|
INTEGRAL
CHEMICAL (M) SDN BHD
|
|
As At
30-09-2010
|
|
|
|
|
|
|
2010
|
2009
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
FIXED ASSETS
|
2,624
|
17,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
2,624
|
------------
17,781
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade debtors
|
344,284
|
367,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount due from director
|
35,737
|
41,217
|
|
|
Cash & bank balances
|
59,210
|
132,799
|
|
|
|
|
|
|
|
Tax recoverable
|
6,328
|
4,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
445,559
|
------------
545,809
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
Trade creditors
|
215,357
|
245,434
|
|
|
Other creditors & accruals
|
10,490
|
9,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owing to director
|
-
|
6,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
225,847
|
------------
260,835
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
219,712
|
------------
284,974
|
|
TOTAL NET ASSETS
|
------------
222,336
==========
|
------------
302,755
==========
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
Ordinary share capital
|
100,000
|
100,000
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
100,000
|
------------
100,000
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
122,336
|
199,946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
122,336
|
------------
199,946
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
222,336
|
------------
299,946
|
|
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hire purchase creditors
|
-
|
2,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
-
|
------------
2,809
|
|
|
------------
|
------------
|
|
|
222,336
|
302,755
|
|
|
==========
|
==========
|
FINANCIAL RATIOS
|
INTEGRAL
CHEMICAL (M) SDN BHD
|
|
As At
30-09-2010
|
|
|
2010
|
2009
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
Cash
|
59,210
|
132,799
|
|
|
Net Liquid Funds
|
59,210
|
132,799
|
|
|
Net Liquid Assets
|
219,712
|
284,974
|
|
|
Net Current Assets/(Liabilities)
|
219,712
|
284,974
|
|
|
Net Tangible Assets
|
222,336
|
302,755
|
|
|
Net Monetary Assets
|
219,712
|
282,165
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
Total Borrowings
|
0
|
2,809
|
|
|
Total Liabilities
|
225,847
|
263,644
|
|
|
Total Assets
|
448,183
|
563,590
|
|
|
Net Assets
|
222,336
|
302,755
|
|
|
Net Assets Backing
|
222,336
|
299,946
|
|
|
Shareholders" Funds
|
222,336
|
299,946
|
|
|
Total Share Capital
|
100,000
|
100,000
|
|
|
Total Reserves
|
122,336
|
199,946
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
Cash Ratio
|
0.26
|
0.51
|
|
|
Liquid Ratio
|
1.97
|
2.09
|
|
|
Current Ratio
|
1.97
|
2.09
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
Stock Ratio
|
0
|
0
|
|
|
Debtors Ratio
|
119
|
176
|
|
|
Creditors Ratio
|
75
|
118
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
Gearing Ratio
|
0
|
0.01
|
|
|
Liabilities Ratio
|
1.02
|
0.88
|
|
|
Times Interest Earned Ratio
|
0
|
0
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
Operating Profit Margin
|
<2.89>
|
<8.99>
|
|
|
Net Profit Margin
|
<2.62>
|
<9.01>
|
|
|
Return On Net Assets
|
<13.68>
|
<22.54>
|
|
|
Return On Capital Employed
|
<13.68>
|
<22.54>
|
|
|
Return On Shareholders' Funds/Equity
|
<12.42>
|
<22.81>
|
|
|
Dividend Pay Out Ratio (Times)
|
<1.81>
|
0
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
|
|
|
|
|
|
%20SDN%20BHD%20-%20149893%2006-Aug-2011_files/image002.jpg){kind=small}