|
* Adopted abbreviations : SC - Subject Company (the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION
NO.
|
:
|
789482-W
|
|
COMPANY NAME
|
:
|
STERIPACK ASIA
SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION
DATE
|
:
|
24/09/2007
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE
LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED
ADDRESS
|
:
|
UPPER PENTHOUSE,
WISMA RKT, 2, JALAN RAJA ABDULLAH, OFF JALAN SULTAN ISMAIL, 50300 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS
ADDRESS
|
:
|
LOT 119992,
JALAN CANANG EMAS 8, TELOK GONG, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-31673596
|
|
FAX.NO.
|
:
|
03-31673597
|
|
EMAIL
|
:
|
jw@steripack.ie
|
|
WEB SITE
|
:
|
www.steripack.ie
|
|
CONTACT PERSON
|
:
|
JOHN WARD (
MANAGING DIRECTOR )
|
|
INDUSTRY CODE
|
:
|
33110
|
|
PRINCIPAL
ACTIVITY
|
:
|
MANUFACTURING
OF MEDICAL PACKAGING PRODUCTS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
25,000,000.00 DIVIDED INTO
ORDINARY SHARE 25,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR 8,140,000.00
DIVIDED INTO
ORDINARY SHARES 140,002 CASH AND 7,999,998 OTHERWISE OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 3,516,464
[2009]
|
|
NET WORTH
|
:
|
MYR 1,744,713
[2009]
|
|
STAFF STRENGTH
|
:
|
45 [2011]
|
|
BANKER (S)
|
|
CIMB BANK BHD
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER
CHECK
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
FAIR
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
MODERATE
|
|
CURRENCY
EXPOSURE
|
:
|
MODERATE
|
|
GENERAL
REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY
OUTLOOK
|
:
|
MARGINAL
GROWTH
|
|
PROPOSED
CREDIT LIMIT
|
:
|
NIL
|
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 of medical packaging products.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate holding company of the SC is
STERIPACK LTD, a company incorporated in IRELAND.
The major
shareholder(s) of the SC are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
MR. JOHN
MICHAEL WARD +
[OLD PP : PT2816575]
|
10, JALAN 7/1,
TROPICANA GOLF & COUNTRY CLUB, 47410 PETALING JAYA, SELANGOR, MALAYSIA.
|
LB0045489
|
140,000.00
|
|
MR. GARRETT
MOORE +
|
KILPATRICK,
MULLINGAR, WESTMEATH, IRELAND.
|
P323037
|
1.00
|
|
STERIPACK LTD
|
CLARA CO
OFFALY, IRELAND.
|
|
7,999,999.00
|
|
|
|
|
---------------
|
|
|
|
|
8,140,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of
Subject
|
:
|
MR. AIDAN
MICHAEL O BRIEN
|
|
Address
|
:
|
CARTRONAGEERAGH,
LONGFORD, IRELAND.
|
|
IC / PP No
|
:
|
T348044
|
|
|
|
|
|
Date of Birth
|
:
|
19/09/1963
|
|
|
|
|
|
Nationality
|
:
|
IRISH
|
|
Date of
Appointment
|
:
|
24/09/2007
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
MR. STEVEN JOHN
MARTIN
|
|
Address
|
:
|
18, JALAN TR
9/6, GREEN ACRESS 2, TROPICANA GOLF & COUNTRY RESORT, 47410 PETALING
JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
P090028791
|
|
|
|
|
|
Date of Birth
|
:
|
17/06/1972
|
|
|
|
|
|
Nationality
|
:
|
BRITISH
|
|
Date of
Appointment
|
:
|
17/11/2008
|
DIRECTOR 3
|
Name Of
Subject
|
:
|
MR. GARRETT
MOORE
|
|
Address
|
:
|
KILPATRICK,
MULLINGAR, WESTMEATH, IRELAND.
|
|
IC / PP No
|
:
|
P323037
|
|
|
|
|
|
Date of Birth
|
:
|
01/10/1964
|
|
|
|
|
|
Nationality
|
:
|
IRISH
|
|
Date of
Appointment
|
:
|
24/09/2007
|
DIRECTOR 4
|
Name Of
Subject
|
:
|
MR. JOHN
MICHAEL WARD
|
|
Address
|
:
|
10, JALAN 7/1,
TROPICANA GOLF & COUNTRY CLUB, 47410 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
LB0045489
|
|
|
|
|
|
Date of Birth
|
:
|
23/06/1973
|
|
|
|
|
|
Nationality
|
:
|
IRISH
|
|
Date of
Appointment
|
:
|
17/11/2008
|
|
Remark
|
:
|
OLD PP :
PT2816575
|
MANAGEMENT
|
1)
|
Name of
Subject
|
:
|
JOHN WARD
|
|
|
Position
|
:
|
MANAGING
DIRECTOR
|
AUDITOR
|
Auditor
|
:
|
RSM ROBERT
TEO, KUAN & CO
|
|
Auditor'
Address
|
:
|
PENTHOUSE,
WISMA RKT, 2 & 4, JALAN RAJA ABDULLAH, OFF JALAN SULTAN ISMAIL, 1ST
FLOOR, 50300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
COMPANY SECRETARIES
|
1)
|
Company
Secretary
|
:
|
MS. WOO CHOOI
YOKE
|
|
|
IC / PP No
|
:
|
6807051
|
|
|
New IC No
|
:
|
620517-10-6172
|
|
|
Address
|
:
|
7, JALAN
IKHLAS 2, TAMAN IKHLAS, BANDAR SUNGAI LONG, 43000 KAJANG, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company
Secretary
|
:
|
MS. ENG BEE
HONG
|
|
|
IC / PP No
|
:
|
8254998
|
|
|
New IC No
|
:
|
570809-71-5006
|
|
|
Address
|
:
|
23, JALAN SS
26/5, TAMAN MAYANG JAYA, 47301 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
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
|
:
|
01/12/2008
|
|
Description Of
Charge
|
:
|
GENERAL
FACILITY AGREEMENT & DEBENTURE
|
|
Amount Secured
|
:
|
RM12,007,320.00
|
|
Description Of
Property Affected
|
:
|
LANDED
PROPERTY WITH NEW FACTORY TO BE CONSTRUCTED AT TLK GONG, KLANG HELD UNDER
LOT PT 119992 HSD 117484, MK KLANG, KLANG, SELANGOR
|
|
Name &
Address Of Chargee
|
:
|
CIMB BANK BHD
MENARA CHOY FOOK ON, 1B, JALAN YONG SHOOK LIN, SECTION 7, 14TH FLOOR, 46050
PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
11/12/2008
|
|
Registered and
Numbered 1 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of
Creation
|
:
|
01/12/2008
|
|
Description Of
Charge
|
:
|
GENERAL
FACILITY AGREEMENT & MEMORANDUM
|
|
Amount Secured
|
:
|
RM12,007,320.00
|
|
Description Of
Property Affected
|
:
|
1 MONTH INSTALLMENT
AMOUNTING TO RM18,528.00 (TERM 1), RM 46,512.00 (TERM 2) TO RM35,920.00
(TERM LOAN 3) IN FORM OF FIXED DEPOSIT TO BE LACED WITH CHARGEE & SUCH
OTHER FIXED DEPOSIT PLACED BY COMPANY
|
|
Name &
Address Of Chargee
|
:
|
CIMB BANK BHD
MENARA CHOY FOOK ON, 1B, JALAN YONG SHOOK LIN, SECTION 7, 14TH FLOOR, 46050
PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
23/12/2008
|
|
Registered and
Numbered 2 In The Register of Charges
|
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank against the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
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
|
|
|
|
|
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
|
[
|
|
]
|
|
|
Fair 91-120
Days
|
[
|
X
|
]
|
|
Poor >120
Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic
Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC
TRANSFER (TT)
|
OPERATIONS
|
Products
manufactured
|
:
|
|
MEDICAL
PACKAGING PRODUCTS
|
|
|
|
|
|
|
Competitor(s)
|
:
|
B.BRAUN
MEDICAL INDUSTRIES SDN BHD
BEMIS ASIA PACIFIC SDN BHD
MEDITOP CORPORATION (MALAYSIA) SDN BHD
SCIENTILLENCE SDN BHD
THE LARYNGEAL MASK COMPANY (MALAYSIA) SDN BHD
|
|
|
|
|
|
Total Number
of Employees:
|
|
YEAR
|
2011
|
2010
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
|
45
|
30
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing of medical
packaging products.
The SC is a leading global supplier of cleanroom sterilised packaging solutions for the Medical Device
Industry offering a one stop solution for Medical Device companies looking to
have their products assembled, packaged, sterilised
and tested all under one roof.
The SC undertakes the following business operations:
* Flexible medical packaging
* Contract engineering
* Contract manufacturing services
* Package testing
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
|
:
|
0331673596
|
|
Current
Telephone Number
|
:
|
03-31673596
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address
Provided by Client
|
:
|
LOT 119992,
JALAN CANANG EMAS 8, TELOK GONG, 42000, PELABUHAN KLANG, SELANGOR.
|
|
Current
Address
|
:
|
LOT 119992, JALAN
CANANG EMAS 8, TELOK GONG, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest
Financial Accounts
|
:
|
YES
|
Other
Investigations
We contacted one of the staff from the Accounts Department. She provided some
information on the SC.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Increased
|
[
|
1,472.55%
|
]
|
|
Profit/(Loss)
Before Tax
|
:
|
Increased
|
[
|
<147.54%>
|
]
|
|
Return on
Shareholder Funds
|
:
|
Unfavourable
|
[
|
<282.12%>
|
]
|
|
Return on Net
Assets
|
:
|
Unfavourable
|
[
|
<35.27%>
|
]
|
The increase in turnover could be due to the SC adopting an aggressive
marketing strategy. Higher losses before tax during the year could be due to
the higher operating costs incurred. 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
|
:
|
Unfavourable
|
[
|
77 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
44 Days
|
]
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
11 Days
|
]
|
The SC could be incurring higher holding cost. As its capital was tied up in
stocks, it could face liquidity problems. The favourable
debtors' days could be due to the good credit control measures implemented by
the SC. The SC had a favourable creditors' ratio as
evidenced by its favourable collection days. The SC
could be taking advantage of the cash discounts and also wanting to maintain
goodwill with its creditors.
Liquidity:
|
Liquid Ratio
|
:
|
Unfavourable
|
[
|
0.24 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.32 Times
|
]
|
A low liquid ratio means that the SC may be facing working capital deficiency.
If the SC cannot obtain additional financing or injection of fresh capital,
it may face difficulties in meeting its short term obligations.
Solvency
|
Interest Cover
|
:
|
Nil
|
[
|
0.00 Times
|
]
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
7.81 Times
|
]
|
The SC's interest cover was nil as it did not pay any interest during the
year. The SC was highly geared, thus it had a high financial risk. The SC was
dependent on loans to finance its business needs. In times of economic
downturn and / or high interest rate, the SC will become less profitable and
competitive than other firms in the same industry, which are lowly geared.
This is because the SC has to service the interest and to repay the loan,
which will erode part of its profits. The profits will fluctuate depending on
the SC's turnover and the interest it needs to pay.
Overall Assessment:
Although the
SC's turnover increased its profits however showed a reverse trend. The
losses could be due to the management's failure to maintain its competitiveness
in the market. Due to its weak liquidity position, the SC will be faced with
problems in meeting all its short term obligations if no short term loan is
obtained or additional capital injected into the SC. 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's gearing level was high and its
going concern will be in doubt if there is no injection of additional
shareholders' funds in times of economic downturn and / or high interest
rates.
Overall financial condition of the SC : POOR
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
|
|
33110 :
Manufacture of medical and surgical equipment orthopaedic
appliance
|
|
|
|
|
INDUSTRY :
|
MACHINERY
|
|
|
|
|
|
|
The Master Builders Association Malaysia (MBAM) has suggested that the
government reduce the import duty and sales tax for heavy machinery used in
construction, on a systematic basis within two years, to five per cent from
the 20 per cent currently.
|
|
The reduction would enable construction machinery companies as well as the
industry, to remain competitive within ASEAN.
|
|
As a majority of the construction machinery in Malaysia is quite old, there
would be huge opportunities for construction machinery companies to
explore, penetrate and expand their businesses as well as to support the
implementation of projects in the country.
|
|
The MBAM is encouraging the use of newer machinery to improve efficiency
and also for safety purposes, as older ones, may have a higher safety risk
due to metal fatigue.
|
|
However, the existence of an import duty and sales tax are still required
to avoid large scale dumping of second hand machinery in Malaysia.
|
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : Marginal Growth
|
COMMENTS & RECOMMENDATION
|
Established in
2007, the SC is a private limited company with core business in the manufacuring of medical packaging products. Having been
in the industry for only 4 years, the SC is growing fast with a paid up
capital of RM8.14 million. With an adequate paid up capital, the SC is
allowed to expand its business comfortably. The SC is supported by its
holding company, Steripack Ltd.
|
|
Besides catering to the local market, the SC has ventured into Asia
countries. We believe that this global approach has minimised
its commercial risk and better growth prospects can be expected. Being a
moderate size company, the SC has a total workforce of 45 employees in its
business operations.
|
|
Despite the higher turnover of RM3.51 million, the SC suffered pre-tax
losses of RM4.92 million 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. We noted that the SC's current liabilities
well exceed its current assets. Due to its weak liquidity position, the SC
may face working capital deficiency in meeting its short term financial
obligations if no fresh capital is injected into the SC. Moreover, the high
gearing ratio clearly implied that the SC was supported by more debt than
equity. Thus, the SC is exposed to high financial risk.
|
|
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 habit
is fair. With poor financial condition, the SC may unable to pay its
creditors on the given period of time.
|
|
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.
|
|
Based on its unfavourable financial condition, we
regard granting credit to the SC to be quite risky. Hence, credit is not
recommended.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
STERIPACK ASIA
SDN BHD
|
|
For The Year
Ended 30-09-2009
|
|
|
|
|
|
|
2009
|
2008
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
3,516,464
|
223,615
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
<4,922,098>
|
<1,988,389>
|
|
|
|
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
<4,922,098>
|
<1,988,389>
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
<4,922,098>
|
------------
<1,988,389>
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
<4,922,098>
|
------------
<1,988,389>
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
<4,922,098>
|
------------
<1,988,389>
|
|
As previous
reported
|
<1,988,389>
|
-
|
|
|
|
|
|
As restated
|
------------
<1,988,389>
|
------------
-
|
|
|
------------
|
------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
<6,910,487>
|
<1,988,389>
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
<6,910,487>
==========
|
------------
<1,988,389>
==========
|
|
RETAINED BY: The
Company
|
<6,910,487>
|
<1,988,389>
|
|
|
|
|
|
|
|
|
|
|
------------
<6,910,487>
==========
|
------------
<1,988,389>
==========
|
BALANCE SHEET
|
STERIPACK ASIA
SDN BHD
|
|
As At
30-09-2009
|
|
|
|
|
|
|
2009
|
2008
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
ASSET
EMPLOYED:
|
|
|
|
FIXED ASSETS
|
19,827,565
|
7,034,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG
TERM ASSETS
|
------------
19,827,565
|
------------
7,034,507
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
739,219
|
771,418
|
|
|
|
|
|
|
|
Trade debtors
|
421,833
|
181,627
|
|
|
Other debtors,
deposits & prepayments
|
919,335
|
21,512
|
|
|
Short term
deposits
|
100,960
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount due
from holding company
|
435,456
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash &
bank balances
|
185,987
|
837,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT
ASSETS
|
------------
2,802,790
|
------------
1,812,529
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
Trade
creditors
|
107,280
|
-
|
|
|
Other
creditors & accruals
|
1,297,889
|
355,572
|
|
|
Hire purchase
& lease creditors
|
483,879
|
-
|
|
|
Bank overdraft
|
172,910
|
-
|
|
|
Short term
borrowings/Term loans
|
763,843
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owing
to holding companies
|
5,849,986
|
5,119,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT
LIABILITIES
|
------------
8,675,787
|
------------
5,475,425
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
------------
<5,872,997>
|
------------
<3,662,896>
|
|
TOTAL NET
ASSETS
|
------------
13,954,568
==========
|
------------
3,371,611
==========
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
Ordinary share
capital
|
8,140,000
|
5,360,000
|
|
|
|
|
|
|
TOTAL SHARE
CAPITAL
|
------------
8,140,000
|
------------
5,360,000
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
Share premium
|
515,200
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain
profit/(Accumulated loss) carried forward
|
<6,910,487>
|
<1,988,389>
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
<6,395,287>
|
------------
<1,988,389>
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
1,744,713
|
------------
3,371,611
|
|
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
Long term
loans
|
10,447,736
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Hire purchase
creditors
|
1,762,119
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
12,209,855
|
------------
-
|
|
|
------------
|
------------
|
|
|
13,954,568
|
3,371,611
|
|
|
==========
|
==========
|
|
|
|
|
|
FINANCIAL RATIOS
|
STERIPACK ASIA
SDN BHD
|
|
As At
30-09-2009
|
|
|
|
|
|
|
2009
|
2008
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
Cash
|
286,947
|
837,972
|
|
|
Net Liquid
Funds
|
<649,806>
|
837,972
|
|
|
Net Liquid
Assets
|
<6,612,216>
|
<4,434,314>
|
|
|
Net Current
Assets/(Liabilities)
|
<5,872,997>
|
<3,662,896>
|
|
|
Net Tangible
Assets
|
13,954,568
|
3,371,611
|
|
|
Net Monetary
Assets
|
<18,822,071>
|
<4,434,314>
|
|
|
|
|
|
|
BALANCE SHEET
ITEMS
|
|
|
|
|
Total
Borrowings
|
13,630,487
|
0
|
|
|
Total
Liabilities
|
20,885,642
|
5,475,425
|
|
|
Total Assets
|
22,630,355
|
8,847,036
|
|
|
Net Assets
|
13,954,568
|
3,371,611
|
|
|
Net Assets
Backing
|
1,744,713
|
3,371,611
|
|
|
Shareholders"
Funds
|
1,744,713
|
3,371,611
|
|
|
Total Share
Capital
|
8,140,000
|
5,360,000
|
|
|
Total Reserves
|
<6,395,287>
|
<1,988,389>
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
Cash Ratio
|
0.03
|
0.15
|
|
|
Liquid Ratio
|
0.24
|
0.19
|
|
|
Current Ratio
|
0.32
|
0.33
|
|
|
|
|
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
|
Stock Ratio
|
77
|
1259
|
|
|
Debtors Ratio
|
44
|
296
|
|
|
Creditors
Ratio
|
11
|
0
|
|
|
|
|
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
Gearing Ratio
|
7.81
|
0
|
|
|
Liabilities Ratio
|
11.97
|
1.62
|
|
|
Times Interest
Earned Ratio
|
0
|
0
|
|
|
|
|
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
Operating
Profit Margin
|
<139.97>
|
<889.20>
|
|
|
Net Profit
Margin
|
<139.97>
|
<889.20>
|
|
|
Return On Net
Assets
|
<35.27>
|
<58.97>
|
|
|
Return On
Capital Employed
|
<32.01>
|
<58.97>
|
|
|
Return On
Shareholders' Funds/Equity
|
<282.12>
|
<58.97>
|
|
|
Dividend Pay
Out Ratio (Times)
|
0
|
0
|
|
|
|
|
|
|
NOTES TO
ACCOUNTS
|
|
|
|
|
Contingent
Liabilities
|
0.00
|
0.00
|
|
|
|
|
|
|
|
|
