|
* Adopted abbreviations : SC - Subject Company (the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
404829-V
|
|
COMPANY NAME
|
:
|
KRAIBURG TPE TECHNOLOGY (M) SDN BHD
|
|
FORMER NAME
|
:
|
KRAIBURG TPE
(M) SDN BHD (05/03/2007)
KRAIBURG (M) SDN BHD (13/06/2002)
|
|
INCORPORATION DATE
|
:
|
05/10/1996
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
THE GARDENS NORTH TOWER, MID VALLEY CITY, LINGKARAN SYED PUTRA,
LEVEL 18, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 1839, JALAN KPB 6, KAWASAN PERINDUSTRIAN BALAKONG, 43300 SERI
KEMBANGAN, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-89621393
|
|
FAX.NO.
|
:
|
03-89619884
|
|
EMAIL
|
:
|
info-asia@kraiburg-tpe.com
|
|
WEB SITE
|
:
|
www.kraiburg-tpe.com
|
|
CONTACT PERSON
|
:
|
FRANZXAVER HINTERECKER ( CEO )
|
|
INDUSTRY CODE
|
:
|
25209
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURING
OF THERMOPLASTIC ELASTOMER
|
|
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
1,052,632.00 DIVIDED INTO
ORDINARY SHARES 1,052,632 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 29,128,338 [2009]
|
|
NET WORTH
|
:
|
MYR 11,029,876 [2009]
|
|
STAFF STRENGTH
|
:
|
34 [2011]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD643,000.00
|
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) manufacturing of thermoplastic
elastomer.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the SC is KRAIBURG TPE GMBH & CO KG, a
company incorporated in GERMANY.
The ultimate holding company of the SC is KRAIBURG HOLDING GMBH & CO KG,
a company incorporated in GERMANY.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
KRAIBURG TPE GMBH & CO KG
|
FRIEDRICH SCHMIDT STR 2, WALDKRAIBURG, 84478, GERMANY.
|
HRB13152
|
1,000,000.00
|
|
MILTON HOLDINGS INTERNATIONAL LTD
|
ROOM 3303, 148 ELECTRIC ROAD, NORTH POINT, HONG KONG.
|
|
52,632.00
|
|
|
|
|
---------------
|
|
|
|
|
1,052,632.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. FRANZ XAVER HINTERECKER
|
|
Address
|
:
|
ESCHENWEG 8, METTENHEIM, 84562, GERMANY.
|
|
IC / PP No
|
:
|
8248110763D
|
|
|
|
|
|
Date of Birth
|
:
|
03/11/1958
|
|
|
|
|
|
Nationality
|
:
|
DEUTSCH
|
|
Date of Appointment
|
:
|
24/03/1999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. TAN WEI KAR
|
|
Address
|
:
|
29, JALAN SUAKASIH 3/6, BANDAR TUN HUSSEIN ONN, CHERAS, 43200
KAJANG, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A0066635
|
|
New IC No
|
:
|
650127-01-5897
|
|
Date of Birth
|
:
|
27/01/1965
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
20/07/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. ROLAND HELMUT RITTER
|
|
Address
|
:
|
G11F05, BLOCK G, PUTERI PALMA CONDOMINIUM, IOI PALM GARDEN RESORT,
BATU 7, JALAN KAJANG-PUCHONG, 43000 KAJANG, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
P166762130
|
|
|
|
|
|
Date of Birth
|
:
|
31/10/1956
|
|
|
|
|
|
Nationality
|
:
|
DEUTSCH
|
|
Date of Appointment
|
:
|
15/05/2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
LIU KAM HING
|
|
Address
|
:
|
FLAT A, 19/F, BLOCK 3, GRAND GARDEN, 61, SOUTH BAY ROAD, HONG KONG.
|
|
IC / PP No
|
:
|
H01442052
|
|
|
|
|
|
Date of Birth
|
:
|
21/11/1965
|
|
|
|
|
|
Nationality
|
:
|
CHINESE
|
|
Date of Appointment
|
:
|
15/05/2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
FRANZXAVER HINTERECKER
|
|
|
Position
|
:
|
CEO
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
TENG YEN LEE
|
|
|
Position
|
:
|
FINANCE MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
BDO
|
|
Auditor' Address
|
:
|
MENARA UNI ASIA, 1008, JALAN SULTAN ISMAIL, 12TH FLOOR, 50250 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. WONG WEI FONG
|
|
|
IC / PP No
|
:
|
A0668782
|
|
|
New IC No
|
:
|
670301-10-6208
|
|
|
Address
|
:
|
20, LORONG BURUNG UPIH 1, TAMAN BUKIT MALURI, KEPONG, 52100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. LEW NYOK KHIM
|
|
|
IC / PP No
|
:
|
5575209
|
|
|
New IC No
|
:
|
581121-08-5708
|
|
|
Address
|
:
|
2, LORONG SS 3/59B, 47301 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
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
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
|
|
|
|
|
|
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
|
[
|
X
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
|
|
|
|
|
Competitor(s)
|
:
|
BASF
(MALAYSIA) SDN BHD
GREEN POINT PRECISION (M) SDN BHD
LUSTER INDUSTRIES BHD
PLASTRADE TECHNOLOGY BHD
SUPPORTIVE INTERNATIONAL HOLDINGS BHD
|
|
|
|
|
|
Ownership of premises
|
:
|
OWNED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2011
|
2010
|
2009
|
2008
|
2007
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
34
|
34
|
30
|
26
|
16
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing of
thermoplastic elastomer.
The SC is a manufacturer of tailor-made thermoplastic elastomers (TPE) based
on hydrated styrene block copolymers.
The SC's products are mainly used in automotive, industrial, consumer and
medical applications.
In addition, the SC provides TPEs that are resistant to high temperatures and
aggressive media and can be sterilised.
We were informed that the SC's are TPEs processed by injection moulding,
extrusion and even blow moulding.
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
|
:
|
0389621393
|
|
Current Telephone Number
|
:
|
03-89621393
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
LOT 1839, JALAN KPB 6, KAWASAN PERINDUSTRIAN BALAKONG, 43300, SERI
KEMBANGAN, SELANGOR.
|
|
Current Address
|
:
|
LOT 1839, JALAN KPB 6, KAWASAN PERINDUSTRIAN BALAKONG, 43300 SERI
KEMBANGAN, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the SC staff and she provided some information regarding
to the SC.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Increased
|
[
|
2007 - 2009
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2007 - 2009
|
]
|
|
Return on Shareholder Funds
|
:
|
Favourable
|
[
|
32.53%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
17.12%
|
]
|
The SC's turnover increased steadily as the demand for its products / services
increased due to the goodwill built up over the years. The management had
succeeded in turning the SC into a profit making company. The profit could be
due to better control of its operating costs and efficiency in utilising its
resources. Generally the SC was profitable. The favourable return on
shareholders' funds and return on net assets indicate that the SC's
management was efficient in utilising the assets to generate returns.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
42 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
51 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
13 Days
|
]
|
The SC's stocks were moving fast thus reducing its holding cost. This had reduced
funds being tied up in stocks. 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
|
:
|
Favourable
|
[
|
4.24 Times
|
]
|
|
Current Ratio
|
:
|
Favourable
|
[
|
5.70 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
|
:
|
Acceptable
|
[
|
7.24 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.03 Times
|
]
|
The SC's interest cover was slightly low. If there is no sharp fall in its profit
or sudden increase in the interest rates, we believe the SC is able to
generate sufficient income to service its interest and repay the loans. The
SC was lowly geared thus it had a low financial risk. The SC was mainly
financed by its shareholders' funds and internally generated funds. In times
of economic slowdown / downturn, the SC being a lowly geared company, will be
able to compete better than those companies 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 had an acceptable interest cover. If there is no
sudden sharp increase in interest rate or fall in the SC's profit, we do
believe the SC is able to generate sufficient cash flow to service its
interest payment. The SC as a lowly geared company, will be more secured
compared to those highly geared companies. It has the ability to meet all its
long term obligations.
Overall financial condition of the SC : STRONG
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
|
|
25209 : Manufacture of other plastic products n.e.c
|
|
|
|
|
INDUSTRY :
|
PLASTIC
|
|
|
|
|
|
|
The Malaysian Plastics Manufacturers Association (MPMA) has developed a
technology roadmap to transform the plastics industry into a world class
player within the next decade.
|
|
The MPMA members should focus on five core areas which includes advanced
materials, new product development, advanced manufacturing technology,
education and training; and, sustainable development.
|
|
The roadmap aims to help members pursue product development activities and
to help build a higher skills workforce for the industry. Besides, the road
map, which has been developed from inputs provided by MPMA members, will
act as a template to develop programmes and activities to enhance the
competitiveness of the Malaysian plastics industry.
|
|
A highly-skilled, creative and competitive workforce was needed for the
industry to contribute to an innovation-led economy. The industry has to
innovate approaches in producing plastic products, be it in the development
of products or manufacturing operations.
|
|
The plastics industry was able to boost exports because the MPMA members
had moved up the value chain to focus more on quality. Total exports from January
to June in year 2010 increased by 34.2 per cent from RM3.54 billion to
RM4.75 billion, with exports accounting for 59 per cent of total plastics
products manufactured.
|
|
On the performance of the industry, for the first six months of year 2010,
the industry registered a growth of 19.8 per cent with a turnover of RM8.04
billion compared with RM6.71 billion for the same period in year 2009. This
was spurred by economic recovery in developed countries in the second half
of year 2009 and early of 2010.
|
|
Certain countries were also moving up the value chain and it was imperative
for the companies to continue with their journey to upgrade skills and
technology.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth
|
COMMENTS & RECOMMENDATION
|
Incorporated in 1996 as a private limited company, the SC is
principally engaged in the manufacturing of thermoplastic elastomer. With
its long presence in the industry coupled with its vast experiences in the business,
the SC should have built up certain goodwill with its clients over times.
With a paid up capital of RM1.05 million, the SC has greater opportunities
to expand its business when the needs arise. Moreover, strongly supported
by its well-established holding company from Germany, the SC is expected to
enjoy timely financial and technical support should the needs arise.
|
|
Its good reputation built up through both its holding and ultimate holding
companies has given the SC an edge when competing in the industry. In order
to further grow the business, 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. Currently, the SC has a total work
force of 34 employees and its business operations are considered stable.
Its capable management team has enabled the SC to keep its business on
going. Hence, the future prospect of the SC is bright.
|
|
During the financial year 2009, the SC's turnover continued on an upward
momentum, reaching RM29.12 million compared to RM13.53 million previously.
Correspondingly, its pre-tax profit rose to RM3.58 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 cash flow
management has enabled the SC to meet its short term obligations as and
when they fall due. Moreover, being a lowly geared company, the SC is
exposed to low financial risk as it is mainly dependent on its internal
funds to finance its business needs. Given a healthy net worth standing at
RM11.02 million, the SC should be able to maintain its business in the near
terms.
|
|
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. Having been in the industry for over a
decade, the SC has built up its rapport with its suppliers. As a result,
the SC has reduced its risk in facing shortage of raw materials.
|
|
Based on the historical financial data, we concluded that the SC's payment
habit is prompt. The SC had a favourable creditors' ratio as evidenced by
its favourable collection days. The SC is clear of any litigation action.
|
|
The plastic industry continues to be attractive with encouraging global and
domestic demand. Hence, we believe there will be more business opportunities
available for the SC. Moreover, with the SC's favourable conditions, it
should have acquired competitive edge from its competitors.
|
|
In view of the above favourable condition, we recommend that credit be
proceeded to the SC with favourable term.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
KRAIBURG TPE
TECHNOLOGY (M) SDN BHD
|
|
For The Year
Ended 31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
29,128,338
|
14,934,659
|
8,415,547
|
|
|
==========
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
3,587,960
|
<302,601>
|
315,686
|
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
3,587,960
|
<302,601>
|
315,686
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
3,587,960
|
------------
<302,601>
|
------------
315,686
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
3,587,960
|
------------
<302,601>
|
------------
315,686
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
3,587,960
|
------------
<302,601>
|
------------
315,686
|
|
As previous reported
|
3,338,603
|
3,641,204
|
3,325,518
|
|
|
|
|
|
|
As restated
|
------------
3,338,603
|
------------
3,641,204
|
------------
3,325,518
|
|
|
------------
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
6,926,563
|
3,338,603
|
3,641,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
6,926,563
==========
|
------------
3,338,603
==========
|
------------
3,641,204
==========
|
|
RETAINED BY: The Company
|
6,926,563
|
3,338,603
|
3,641,204
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
6,926,563
==========
|
------------
3,338,603
==========
|
------------
3,641,204
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hire purchase
|
22,323
|
22,999
|
18,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holding company
|
552,971
|
348,553
|
8,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
575,294
==========
|
------------
371,552
==========
|
------------
27,026
==========
|
|
|
|
|
|
BALANCE SHEET
|
KRAIBURG TPE
TECHNOLOGY (M) SDN BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
12,323,298
|
13,365,910
|
873,089
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Associated companies
|
1,190,402
|
1,190,402
|
1,190,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
-
|
-
|
8,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
1,190,402
|
------------
1,190,402
|
------------
1,198,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
13,513,700
|
------------
14,556,312
|
------------
2,071,835
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
3,351,339
|
3,098,047
|
1,262,642
|
|
|
|
|
|
|
|
|
Trade debtors
|
4,103,672
|
2,918,691
|
1,129,140
|
|
|
Other debtors, deposits & prepayments
|
501,406
|
432,542
|
694,344
|
|
|
Short term deposits
|
-
|
-
|
750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount due from associated company
|
3,019,432
|
640,720
|
35,238
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
2,130,079
|
1,834,502
|
764,809
|
|
|
|
|
|
|
|
|
Current tax assets
|
-
|
33,330
|
33,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
13,105,928
|
------------
8,957,832
|
------------
4,669,503
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
1,005,165
|
443,255
|
-
|
|
|
Other creditors & accruals
|
507,256
|
346,094
|
231,436
|
|
|
Hire purchase & lease creditors
|
100,785
|
120,434
|
100,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owing to holding companies
|
508,865
|
3,416,863
|
1,398,517
|
|
|
|
|
|
|
|
|
Amounts owing to related companies
|
176,595
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
2,298,666
|
------------
4,326,646
|
------------
1,730,248
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
10,807,262
|
------------
4,631,186
|
------------
2,939,255
|
|
TOTAL NET ASSETS
|
------------
24,320,962
==========
|
------------
19,187,498
==========
|
------------
5,011,090
==========
|
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
1,052,632
|
1,026,316
|
1,000,000
|
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
1,052,632
|
------------
1,026,316
|
------------
1,000,000
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
Share premium
|
3,050,681
|
1,486,697
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
6,926,563
|
3,338,603
|
3,641,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
9,977,244
|
------------
4,825,300
|
------------
3,641,204
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
11,029,876
|
------------
5,851,616
|
------------
4,641,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hire purchase creditors
|
235,338
|
367,454
|
369,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount owing to ultimate holding company
|
13,055,748
|
12,968,428
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
13,291,086
|
------------
13,335,882
|
------------
369,886
|
|
|
------------
|
------------
|
------------
|
|
|
24,320,962
|
19,187,498
|
5,011,090
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
KRAIBURG TPE
TECHNOLOGY (M) SDN BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
2,130,079
|
1,834,502
|
1,514,809
|
|
|
Net Liquid Funds
|
2,130,079
|
1,834,502
|
1,514,809
|
|
|
Net Liquid Assets
|
7,455,923
|
1,533,139
|
1,676,613
|
|
|
Net Current Assets/(Liabilities)
|
10,807,262
|
4,631,186
|
2,939,255
|
|
|
Net Tangible Assets
|
24,320,962
|
19,187,498
|
5,011,090
|
|
|
Net Monetary Assets
|
<5,835,163>
|
<11,802,743>
|
1,306,727
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
336,123
|
487,888
|
470,181
|
|
|
Total Liabilities
|
15,589,752
|
17,662,528
|
2,100,134
|
|
|
Total Assets
|
26,619,628
|
23,514,144
|
6,741,338
|
|
|
Net Assets
|
24,320,962
|
19,187,498
|
5,011,090
|
|
|
Net Assets Backing
|
11,029,876
|
5,851,616
|
4,641,204
|
|
|
Shareholders" Funds
|
11,029,876
|
5,851,616
|
4,641,204
|
|
|
Total Share Capital
|
1,052,632
|
1,026,316
|
1,000,000
|
|
|
Total Reserves
|
9,977,244
|
4,825,300
|
3,641,204
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0.93
|
0.42
|
0.88
|
|
|
Liquid Ratio
|
4.24
|
1.35
|
1.97
|
|
|
Current Ratio
|
5.70
|
2.07
|
2.70
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
42
|
76
|
55
|
|
|
Debtors Ratio
|
51
|
71
|
49
|
|
|
Creditors Ratio
|
13
|
11
|
0
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
0.03
|
0.08
|
0.10
|
|
|
Liabilities Ratio
|
1.41
|
3.02
|
0.45
|
|
|
Times Interest Earned Ratio
|
7.24
|
0.19
|
12.68
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
12.32
|
<2.03>
|
3.75
|
|
|
Net Profit Margin
|
12.32
|
<2.03>
|
3.75
|
|
|
Return On Net Assets
|
17.12
|
0.36
|
6.84
|
|
|
Return On Capital Employed
|
17.05
|
0.36
|
6.70
|
|
|
Return On Shareholders' Funds/Equity
|
32.53
|
<5.17>
|
6.80
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
0
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
|
|
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