* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
526623-U
|
|
COMPANY NAME
|
:
|
INTEGRO TECHNOLOGIES SDN BHD
|
|
FORMER NAME
|
:
|
ADV INTEGRO
SDN BHD (08/04/2002)
SOFTCHAT.COM SDN BHD (11/11/2000)
|
|
INCORPORATION DATE
|
:
|
19/09/2000
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
WISMA GOSHEN, 60 & 62 JALAN SS 22/21, DAMANSARA JAYA, 2ND FLOOR,
47400 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
KENANGA INTERNATIONAL, 16TH FLOOR, UNIT 16.09, JALAN SULTAN ISMAIL,
50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-21668908
|
|
FAX.NO.
|
:
|
03-21663910
|
|
CONTACT PERSON
|
:
|
PAUL JOSEPH ( DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
72900
|
|
PRINCIPAL ACTIVITY
|
:
|
PROVISION OF IT AND BANKING SOLUTIONS
|
|
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 5,881,522 [2010]
|
|
NET WORTH
|
:
|
MYR 691,588 [2010]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
65 [2011]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STABLE
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD32,268
|
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) provision of it and banking
solutions.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate holding company of the SC is INTEGRO TECHNOLOGIES PTE LTD, a
company incorporated in SINGAPORE.
The ultimate holding company of the SC is AURIONPRO SOLUTIONS LIMITED, a
company incorporated in INDIA.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
INTEGRO TECHNOLOGIES PTE LTD
|
61 STAMFORM
ROAD, 03-03 STAMFORD COURT, 178892, SINGAPORE.
|
|
100,000.00
|
|
|
|
|
---------------
|
|
|
|
|
100,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
FELIX FANG YEOW CHIEN
|
|
Address
|
:
|
BLOCK 114, BUKIT BATOK
WEST AVENUE 6, #10-196, 650114
|
|
IC / PP No
|
:
|
E1114907A
|
|
|
|
|
|
Date of Birth
|
:
|
12/05/1960
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. HUANG LOON MENG
|
|
Address
|
:
|
LOT 10B 1357, TAMAN PUBLIK BATU 3 1/4, JALAN TUARAN, 88450 KOTA KINABALU, SABAH,
MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
650322-12-5477
|
|
Date of Birth
|
:
|
22/03/1965
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
01/10/2010
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. J PAUL
|
|
Address
|
:
|
11A, JALAN PJS 5/10, TAMAN DESARIA, 46000 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A0129606
|
|
New IC No
|
:
|
650616-01-5329
|
|
Date of Birth
|
:
|
16/06/1965
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN INDIAN
|
|
Date of Appointment
|
:
|
01/10/2010
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. CHIN CHEE HIANG
|
|
Address
|
:
|
14 JALAN SS 22/40, DAMANSARA JAYA, 47400 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A2260344
|
|
New IC No
|
:
|
720912-14-5559
|
|
Date of Birth
|
:
|
12/09/1972
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
LIM BAK WEE
|
|
Address
|
:
|
81 LORONG GAMBIR, 1953, SINGAPORE.
|
|
IC / PP No
|
:
|
S1044713E
|
|
|
|
|
|
Date of Birth
|
:
|
30/05/1951
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
PAUL JOSEPH
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
ROGER YUE, TAN & ASSOCIATES
|
|
Auditor' Address
|
:
|
WISMA GOSHEN, 60 & 62 JALAN SS 22/21, DAMANSARA JAYA, GROUND
& 1ST FLOOR, 47400 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. LAM LEE SAN
|
|
|
IC / PP No
|
:
|
A2855638
|
|
|
New IC No
|
:
|
740810-14-5740
|
|
|
Address
|
:
|
A-8-8, OAKLEAF PARK CONDOMINIUM, PERSIARAN BUKIT JAYA, TAMAN BUKIT
JAYA, 68000 AMPANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. ENG SOO FUNN
|
|
|
IC / PP No
|
:
|
6895202
|
|
|
New IC No
|
:
|
621011-08-5946
|
|
|
Address
|
:
|
62 JALAN 14/5, 46100 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
|
|
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
|
[
|
X
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
|
|
Type of Customer
|
:
|
BANKS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Services
|
:
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
ARIANTEC GLOBAL BHD
|
|
MULTIMEDIA DEVELOPMENT CORPORATION SDN BHD
|
|
PRIVASIA TECHNOLOGY BHD
|
|
WIPRO LTD
|
|
YTL E-SOLUTIONS BHD
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2011
|
2010
|
2009
|
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
65
|
40
|
34
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) provision of it and
banking solutions.
The SC develops large-scale J2EE-based solutions for the financial industry.
The product suite consists of two main categories:
* The SmartLender suite
* The Internet Banking suite
Each product is further sub-divided into modules, to cater to the needs and
requirements of different banks and countries. The bank enjoys the
flexibility of implementing the various modules in phases, in accordance with
the bank's requirements and available budget.
The SmartLender suite comprises of the SmartLender Retail and SmartLender
Corporate products. Within each of these products are standalone modules -
e.g. Credit Processing System, Credit Control System, Credit Administration
System, Collateral Management System, SmartLender Data Warehouse, and etc -
which may be implemented in stages.
The Internet Banking suite consists of Retail Internet Banking and Corporate
Internet Banking. The latter is further sub-divided into two main products,
i.e. Cash Management and Trade Finance. Similarly, these products are made up
of further standalone modules, which again can be implemented in stages.
Integro's applications are developed on a common platform, the Open Finance
Architecture (OFA).
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
|
:
|
03-21668908
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
N/A
|
|
Current Address
|
:
|
KENANGA INTERNATIONAL, 16TH FLOOR, UNIT 16.09, JALAN SULTAN ISMAIL,
50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We conducted an
interview with Ms Alice from the SC's Admin Department. She revealed some
information pertaining to the SC.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Decreased
|
[
|
51.54%
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
167.06%
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
25.80%
|
]
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
33.33%
|
]
|
The shrinking turnover could be the result of more entrants into the market
which eroded the SC's market share. The higher profit could be attributed to
the increase in turnover. The SC's management had generated acceptable return
for its shareholders using its assets.
Working Capital Control:
|
Stock Ratio
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
Debtors Ratio
|
:
|
Unfavourable
|
[
|
202 Days
|
]
|
|
Creditors Ratio
|
:
|
Unfavourable
|
[
|
65 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
|
[
|
1.18 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.18 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:
Due to the
efficient control of its operating costs, the SC was able to remain profitable
despite lower turnover achieved during the year. 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 : STABLE
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
|
-
|
|
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
|
|
72900 : Other computer related activities
|
|
|
|
|
INDUSTRY :
|
INFORMATION TECHNOLOGY
|
|
|
|
|
|
|
Malaysia's
information and communication technology (ICT) industry is expected to
achieve a significant milestone in 2011 with the transformation of the
country into a net ICT exporter.
|
|
After the global economic impact in 2009, the government and businesses
have become more cautious and this behaviour is especially apparent in the
area of all new investments, including ICT.
|
|
The year 2010 will be considered a solid one for the nation, with a number
of key developments that clearly signalled the government's seriousness
about transforming the country's economic framework to meet the challenges
of an innovative digital economy.
|
|
MSC Malaysia contributed RM6 billion to the country's gross domestic
product in year 2009. It recorded a revenue of RM24.8 billion, of which
RM7.17 billion was from exports.
|
|
The strategies has been outlined under the MSC-Malaysia Phase Three with
the goal, starting from 2011, to transform Malaysia into a net ICT
exporter from a net importer now.
|
|
This will also see the transformation of Malaysia into a knowledge-based
society using ICT as an 'enabler' across all economic sectors to drive the
country's productivity and innovations to become a vibrant hub for creation
of ICT solutions. Phase three will also see MSC Malaysia developing the
capabilities of top local companies to enable them to strongly compete in
the global arena.
|
|
Budget 2011 is good for the industry because its focused and strategic
measures will strengthen the eco-system, nurture talent and create a
culture of innovation and entrepreneurship. Thus, there will be more of the
company's customers in the services, property, real estate, finance,
education and public sectors, used technology to transform their businesses
and industries.
|
|
The companies in Malaysia
are beginning to appreciate the value of "cloud computing" as a
means to reduce their operational costs, while increasing mobility and
productivity. Apart from cloud computing, data centre and desktop
virtualisation will continue to be the enabling technologies that support
the expansion of local businesses.
|
|
Starting from 2011 and the years ahead will be pivotal, as the decisions IT
leaders make will not only have an impact on how they compete but also the
long-term success of their businesses. Visionary IT leaders will see
opportunities in the explosion of data as new sources of innovation and
they must take advantage of technology to rethink and re-architect business
infrastructure.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth
|
COMMENTS & RECOMMENDATION
|
Incorporated in 2000 as a private limited company, the SC is principally
engaged in the provision of IT and banking solutions. 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. Presently, the issued
and paid up capital of the SC standing at RM100,000. Strongly supported by
its established holding company from Singapore, the SC is expected
to enjoy timely financial and technical support should the needs arise.
|
|
Our investigation revealed that the SC's major income is derived from the
domestic market. Such narrow market segment limits the business expansion
opportunities of the SC. However, with its vast business experience and
extensive network, the SC's exposure to business risk is well diversified.
Currently, the SC has a total work force of 65 employees in its operation.
Overall, the management capability of the SC is average.
|
|
For the financial year ended 2010, the SC's turnover stood at RM5,881,522
which led to pre-tax profit of RM230,486. 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. Besides, 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. Given a positive net
worth standing at RM691,588, 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.
|
|
Based on the historical financial data, we concluded that the SC's payment
habit is average. The SC is capable to meet small and medium commitments.
|
|
Continuing advances in technology has seen the industry grow. As Malaysia is
moving forward with the evolution of the Information Technology, the
government is encouraging people to be more computer literate. In this
regard, we believe that the SC has the potential of capturing a higher
market share in line with the tremendous growth in the ICT industry.
|
|
Due to the stability of its financial performance, we recommend that credit
be granted to the SC promptly.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
INTEGRO
TECHNOLOGIES SDN BHD
|
|
For The Year
Ended 31-March-2010
|
|
|
15 month
|
|
|
|
2010
|
2009
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
5,881,522
|
12,135,904
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
230,486
|
86,305
|
|
|
|
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
230,486
|
86,305
|
|
Taxation
|
<52,041>
|
<12,783>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
178,445
|
------------
73,522
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
178,445
|
------------
73,522
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
178,445
|
------------
73,522
|
|
As previous reported
|
413,143
|
339,621
|
|
|
|
|
|
As restated
|
------------
413,143
|
------------
339,621
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
591,588
|
413,143
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
591,588
==========
|
------------
413,143
==========
|
|
RETAINED BY: The Company
|
591,588
|
413,143
|
|
|
------------
591,588
==========
|
------------
413,143
==========
|
|
|
|
|
BALANCE SHEET
|
INTEGRO
TECHNOLOGIES SDN BHD
|
|
As At
31-March-2010
|
|
|
15 month
|
|
|
|
2010
|
2009
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
FIXED ASSETS
|
56,015
|
109,904
|
|
TOTAL LONG TERM ASSETS
|
------------
56,015
|
------------
109,904
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
Trade debtors
|
3,255,979
|
3,466,669
|
|
|
Other debtors, deposits & prepayments
|
39,206
|
113,647
|
|
|
Cash & bank balances
|
954,421
|
1,383,205
|
|
|
Tax recoverable
|
15,000
|
31,826
|
|
TOTAL CURRENT ASSETS
|
------------
4,264,606
|
------------
4,995,347
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
Trade creditors
|
1,042,937
|
771,240
|
|
|
Other creditors & accruals
|
999,430
|
778,672
|
|
|
Amounts owing to holding companies
|
1,586,666
|
3,042,196
|
|
TOTAL CURRENT LIABILITIES
|
------------
3,629,033
|
------------
4,592,108
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
635,573
|
------------
403,239
|
|
TOTAL NET ASSETS
|
------------
691,588
==========
|
------------
513,143
==========
|
|
|
|
|
|
|
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
|
591,588
|
413,143
|
|
TOTAL RESERVES
|
------------
591,588
|
------------
413,143
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
691,588
|
------------
513,143
|
|
|
------------
|
------------
|
|
|
691,588
|
513,143
|
|
|
==========
|
==========
|
|
|
|
|
|
FINANCIAL RATIOS
|
INTEGRO
TECHNOLOGIES SDN BHD
|
|
As At
31-March-2010
|
|
|
15 month
|
|
|
|
2010
|
2009
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
Cash
|
954,421
|
1,383,205
|
|
|
Net Liquid Funds
|
954,421
|
1,383,205
|
|
|
Net Liquid Assets
|
635,573
|
403,239
|
|
|
Net Current Assets/(Liabilities)
|
635,573
|
403,239
|
|
|
Net Tangible Assets
|
691,588
|
513,143
|
|
|
Net Monetary Assets
|
635,573
|
403,239
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
Total Borrowings
|
0
|
0
|
|
|
Total Liabilities
|
3,629,033
|
4,592,108
|
|
|
Total Assets
|
4,320,621
|
5,105,251
|
|
|
Net Assets
|
691,588
|
513,143
|
|
|
Net Assets Backing
|
691,588
|
513,143
|
|
|
Shareholders" Funds
|
691,588
|
513,143
|
|
|
Total Share Capital
|
100,000
|
100,000
|
|
|
Total Reserves
|
591,588
|
413,143
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
Cash Ratio
|
0.26
|
0.30
|
|
|
Liquid Ratio
|
1.18
|
1.09
|
|
|
Current Ratio
|
1.18
|
1.09
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
Stock Ratio
|
0
|
0
|
|
|
Debtors Ratio
|
202
|
104
|
|
|
Creditors Ratio
|
65
|
23
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
Gearing Ratio
|
0
|
0
|
|
|
Liabilities Ratio
|
5.25
|
8.95
|
|
|
Times Interest Earned Ratio
|
0
|
0
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
Operating Profit Margin
|
3.92
|
0.71
|
|
|
Net Profit Margin
|
3.03
|
0.61
|
|
|
Return On Net Assets
|
33.33
|
16.82
|
|
|
Return On Capital Employed
|
33.33
|
16.82
|
|
|
Return On Shareholders' Funds/Equity
|
25.80
|
14.33
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
|
|
|
|
|
|
