|
* Adopted abbreviations : SC - Subject Company (the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
19320-U
|
|
COMPANY NAME
|
:
|
CALDBECK MACGREGOR (MALAYSIA) SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
29/06/1974
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
SUITE 21.01, THE GARDENS SOUTH TOWER, MID VALLEY CITY, LINGKARAN
SYED PUTRA, LEVEL 21, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
2ND FLOOR, NO 9 JALAN PEMAJU U1/15, SEKSYEN U1, HICOM GLENMARIE
INDUSTRIAL PARK, 40150 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-55692283
|
|
FAX.NO.
|
:
|
03-55692383
|
|
CONTACT PERSON
|
:
|
CHEW AH SEE ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
51237
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF
WINES AND SPIRITS
|
|
AUTHORISED CAPITAL
|
:
|
MYR
10,000,000.00 DIVIDED INTO
ORDINARY SHARE 10,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR
2,700,000.00 DIVIDED INTO
ORDINARY SHARES 421,817 CASH AND 2,278,183 OTHERWISE OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 25,130,433 [2010]
|
|
NET WORTH
|
:
|
MYR 10,419,382 [2010]
|
|
STAFF STRENGTH
|
:
|
15 [2011]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD295,185
|
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 wines and
spirits.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the SC is BARCADI-MARTINI BV, a company
incorporated in NETHERLANDS.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
MR. CHEW AH SEE +
|
60, JALAN BRUAS, BUKIT DAMANSARA, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
490501-04-5413
1291011
|
2,699,999.00
|
|
MS. THONG SWEE MEI +
|
60, JALAN BRUAS, BUKIT DAMANSARA, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
520713-08-5016
|
1.00
|
|
|
|
|
---------------
|
|
|
|
|
2,700,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MS. THONG SWEE MEI
|
|
Address
|
:
|
60, JALAN BRUAS, BUKIT DAMANSARA, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
520713-08-5016
|
|
Date of Birth
|
:
|
13/07/1952
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
22/01/2010
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. CHEW AH SEE
|
|
Address
|
:
|
60, JALAN BRUAS, BUKIT DAMANSARA, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
1291011
|
|
New IC No
|
:
|
490501-04-5413
|
|
Date of Birth
|
:
|
01/05/1949
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
22/05/1997
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
CHEW AH SEE
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
JENNIFER
|
|
|
Position
|
:
|
SECRETARY
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
PRICEWATERHOUSECOOPERS
|
|
Auditor' Address
|
:
|
1 SENTRAL, JALAN TRAVERS, KUALA LUMPUR SENTRAL, LEVEL 10, 50706 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
1) Company
Secretary : MR. LIM POH SENG
New IC
No : 710228-10-5519
Address : 22 JALAN 553/22, 47300 PETALING JAYA, SELANGOR, MALAYSIA.
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
HSBC BANK MALAYSIA BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s).
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
|
|
Import Countries
|
:
|
EUROPE,AUSTRALIA,AFRICA,UNITED STATES
|
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
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
30 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CASH,CHEQUES
|
|
Type of Customer
|
:
|
END USERS,DEALERS,HOTELS,RESTAURANTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The SC prefers cash from its new customers.
OPERATIONS
|
Goods Traded
|
:
|
WINES AND SPIRITS
|
|
|
|
|
|
Brand Name
|
:
|
BROWN BROTHERS
|
|
|
|
|
|
Competitor(s)
|
:
|
ASIAEURO WINES
& SPIRITS SDN BHD
CARLSBERG MARKETING SDN BHD
FERMPRO SDN BHD
GUINNESS ANCHOR MARKETING SDN BHD
PERNOD RICARD MALAYSIA SDN BHD
|
|
|
|
|
|
Ownership of premises
|
:
|
LEASED/RENTED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
COMPANY
|
15
|
20
|
16
|
20
|
32
|
18
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of wines and
spirits.
We were informed that the SC trades a various flavours of wines in different
brand names.
The SC sells a wide range of wines which include Italian wines, French wines,
Spanish wines, German wines, Chiliean wines and others.
Besides that the SC sells wines priced from the low end to the high end.
According to the SC, it also provides delivery services to the customers'
door step.
The SC sells in large and loose quantity.
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
|
:
|
0355692283
|
|
Current Telephone Number
|
:
|
03-55692283
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
2ND FLOOR, NO 9 JALAN PEMAJU U1/15, SEKSYEN U1, HICOM GLENMARIE
INDUSTRIAL PARK, 40150, SHAH ALAM, SELANGOR.
|
|
Current Address
|
:
|
2ND FLOOR, NO 9 JALAN PEMAJU U1/15, SEKSYEN U1, HICOM GLENMARIE
INDUSTRIAL PARK, 40150 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the
Admin Department. She provided some information on the SC.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Increased
|
[
|
2008 - 2010
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2008 - 2010
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
17.95%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
21.45%
|
]
|
The SC's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years. The dip in
profit could be due to the stiff market competition which reduced the SC's
profit margin. The SC's management had generated acceptable return for its
shareholders using its assets.
Working Capital Control:
|
Stock Ratio
|
:
|
Unfavourable
|
[
|
78 Days
|
]
|
|
Debtors Ratio
|
:
|
Unfavourable
|
[
|
111 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
28 Days
|
]
|
The SC could be incurring higher holding cost. As its capital was tied up in
stocks, it could face liquidity problems. The SC's debtors ratio was high.
The SC should tighten its credit control and improve its collection period. 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
|
[
|
1.78 Times
|
]
|
|
Current Ratio
|
:
|
Favourable
|
[
|
2.77 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:
Although the
SC's turnover had increased, its profits had declined over the same
corresponding period. This could be due to the stiffer market competition and
/ or higher operating costs which lowered the SC's profit margin. 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 : 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
|
|
51237 : Wholesale of beer, wine, spirits
|
|
|
|
|
INDUSTRY :
|
FOOD & BEVERAGES
|
|
|
|
|
|
|
Rising inflationary pressure and volatile financial markets have prompted
some companies to forecast conservative earnings as they brace for a potential
slowdown in consumer spending this year. Companies cautious about their
earnings outlook are mainly those in the food and beverage industry. Most
of them import their raw materials, including milk and wheat, where the
prices have surged in recent months.
|
|
While contending with margin squeeze, the companies would not want to pass
on most of the costs yet on concerns the higher prices would affect
consumer spending. For the moment, the outlook for consumer spending might
not be as bright but the domestic economy is still strong.
|
|
The food and beverages industry has always been one of the more resilient
industries in an economic downturn. For the period of January - May 2009,
the industry achieved exports of RM4.41 billion, slightly lower than RM4.42
billion attained in the same period in 2008. The Government is dealing with
issues like inflation to improve consumer sentiment. High commodity prices
would boost the country's gross domestic product growth and consumer
spending would stay resilient, given rising household income for farmers,
civil servants and private sector employees.
|
|
An increase in the annual subsidy assistance for padi farmers to boost
production levels and encourage more people to plant the crop so as to
increase the State's food supply. The government believes the increase in
the subsidy assistance will directly increase the level of income and
well-being of the farmers in the State. This would be in line with the
Malaysia policy of People First, Performance Now. The move is also in line
with the government objective to increase the State's self-sufficiency in
padi and rice production to 60 per cent by the year 2010.
|
|
The Government has identified the processed food industry as one of the
major growth sectors of the economy under the Ninth Malaysia Plan (9MP).
Under the 9MP, the food commodities subsector is expected to grow at an
average rate of 7.6% per annum through improvements in efficiency and
productivity as well as expansion in hectarage. Exports of food commodities
will be increased to achieve a positive food trade balance. The production
of 'padi' will be increased to meet the target of self-sufficiency level of
90%. The production of fruits will be undertaken on a large-scale in the
fruit production zones using the cluster development approach and
concentrating on nine fruit species which have export potential. The
production of vegetables will focus on high value varieties for local
consumption and selected export markets. The Green Book Programme to
promote cultivation of food crops at the community level will be
reactivated.
|
|
Note : The Ninth Malaysia Plan (9MP) was tabled in Parliament on March 31,
2006, is the five-year blueprints within the new National Mission policy and
implementation framework from now until 2010. Malaysia is expected to see
some structural changes and improved performance in the economy.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
COMMENTS & RECOMMENDATION
|
Incorporated in 1974, the SC is a private limited company, focusing
on trading of wines and spirits. With a history for over three decades, its
long establishment in the market has allowed the SC to build up a good
reputation and gain higher market share over its rivals. With RM2.7 million
in issued and paid up capital, the SC has the potential of capturing a
higher market shares as it is competing aggressively in the market.
|
|
Information revealed that the SC solely focuses on domestic market rather
than overseas market. We believe that this narrow market segment would
limit the SC's business opportunities and the SC is likely to be affected
by the uncertainties in local economy. However, its long presence in the
market has enabled the SC to gain certain market shares and established
good rapport with its clients. Thus, its business risk is diversified.
Supported by 15 staff in the operation, the SC's overall management
capability is regarded as average.
|
|
Financially, the SC registered a higher turnover of RM25.13 million
compared to RM22.31 million previously. However, its pre-tax profit has
moderated to RM2.23 million. The lower profit achieved was a result of
higher operating cost and increased competition. 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. Good
cash flow management has enabled the SC to meet its short term obligations
as and when they fall due. Moreover, 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. A positive net worth of RM10.41 million has
enable the SC to maintain its business in near term.
|
|
To reduce the risk of component shortages, the SC sources its raw materials
locally and imported from overseas countries such as Australia, Africa and
etc. Thus, it is subjected to the currency fluctuation risk.
|
|
We regard that the SC's overall payment habit is prompt. The SC had a
favourable creditors' ratio as evidenced by its favourable collection days.
|
|
The industry remains robust with continuing strong global demand for its
products. There is no doubt that the food industry is growing, in tandem with
the rising population. With the promising outlook of the industry
performance, the SC's business opportunity in the future should be bright.
|
|
Based on the above condition, we recommend a fairly large amount of credit
be granted to the SC promptly.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
CALDBECK
MACGREGOR (MALAYSIA) SDN BHD
|
|
For The Year
Ended 31-March-2010
|
|
|
|
|
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
25,130,433
|
22,317,149
|
22,189,029
|
|
|
==========
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
2,234,471
|
2,522,384
|
2,436,383
|
|
|
------------
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
2,234,471
|
2,522,384
|
2,436,383
|
|
Taxation
|
<364,177>
|
<621,940>
|
<663,201>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
1,870,294
|
------------
1,900,444
|
------------
1,773,182
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
1,870,294
|
------------
1,900,444
|
------------
1,773,182
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
1,870,294
|
------------
1,900,444
|
------------
1,773,182
|
|
As previous reported
|
7,367,838
|
6,884,894
|
6,180,642
|
|
As restated
|
------------
7,367,838
|
------------
6,884,894
|
------------
6,180,642
|
|
|
------------
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
9,238,132
|
8,785,338
|
7,953,824
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
<1,518,750>
|
<1,417,500>
|
<1,068,930>
|
|
|
|
|
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
7,719,382
==========
|
------------
7,367,838
==========
|
------------
6,884,894
==========
|
|
RETAINED BY: The Company
|
7,719,382
|
7,367,838
|
6,884,894
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
7,719,382
==========
|
------------
7,367,838
==========
|
------------
6,884,894
==========
|
|
|
|
|
|
BALANCE SHEET
|
CALDBECK
MACGREGOR (MALAYSIA) SDN BHD
|
|
As At
31-March-2010
|
|
|
|
|
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
478,660
|
237,488
|
257,258
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deffered assets
|
273,983
|
303,565
|
258,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
273,983
|
------------
303,565
|
------------
258,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
752,643
|
------------
541,053
|
------------
516,154
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
5,399,183
|
3,810,535
|
5,005,341
|
|
|
|
|
|
|
|
|
Trade debtors
|
7,614,659
|
4,763,801
|
5,268,952
|
|
|
Other debtors, deposits & prepayments
|
468,325
|
323,466
|
387,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount due from related companies
|
-
|
1,530,432
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
1,651,393
|
3,007,355
|
2,606,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
15,133,560
|
------------
13,435,589
|
------------
13,267,763
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
1,903,695
|
1,146,682
|
1,789,646
|
|
|
Other creditors & accruals
|
3,088,316
|
1,987,819
|
1,061,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owing to related companies
|
95,776
|
25,421
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for taxation
|
-
|
388,009
|
437,010
|
|
|
|
|
|
|
|
|
Provision for gratuity
|
379,034
|
360,873
|
910,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
5,466,821
|
------------
3,908,804
|
------------
4,199,023
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
9,666,739
|
------------
9,526,785
|
------------
9,068,740
|
|
TOTAL NET ASSETS
|
------------
10,419,382
==========
|
------------
10,067,838
==========
|
------------
9,584,894
==========
|
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
2,700,000
|
2,700,000
|
2,700,000
|
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
2,700,000
|
------------
2,700,000
|
------------
2,700,000
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
7,719,382
|
7,367,838
|
6,884,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
7,719,382
|
------------
7,367,838
|
------------
6,884,894
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
10,419,382
|
------------
10,067,838
|
------------
9,584,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
|
|
10,419,382
|
10,067,838
|
9,584,894
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
CALDBECK
MACGREGOR (MALAYSIA) SDN BHD
|
|
As At
31-March-2010
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
1,651,393
|
3,007,355
|
2,606,372
|
|
|
Net Liquid Funds
|
1,651,393
|
3,007,355
|
2,606,372
|
|
|
Net Liquid Assets
|
4,267,556
|
5,716,250
|
4,063,399
|
|
|
Net Current Assets/(Liabilities)
|
9,666,739
|
9,526,785
|
9,068,740
|
|
|
Net Tangible Assets
|
10,419,382
|
10,067,838
|
9,584,894
|
|
|
Net Monetary Assets
|
4,267,556
|
5,716,250
|
4,063,399
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
0
|
0
|
0
|
|
|
Total Liabilities
|
5,466,821
|
3,908,804
|
4,199,023
|
|
|
Total Assets
|
15,886,203
|
13,976,642
|
13,783,917
|
|
|
Net Assets
|
10,419,382
|
10,067,838
|
9,584,894
|
|
|
Net Assets Backing
|
10,419,382
|
10,067,838
|
9,584,894
|
|
|
Shareholders" Funds
|
10,419,382
|
10,067,838
|
9,584,894
|
|
|
Total Share Capital
|
2,700,000
|
2,700,000
|
2,700,000
|
|
|
Total Reserves
|
7,719,382
|
7,367,838
|
6,884,894
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0.30
|
0.77
|
0.62
|
|
|
Liquid Ratio
|
1.78
|
2.46
|
1.97
|
|
|
Current Ratio
|
2.77
|
3.44
|
3.16
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
78
|
62
|
82
|
|
|
Debtors Ratio
|
111
|
78
|
87
|
|
|
Creditors Ratio
|
28
|
19
|
29
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
0
|
0
|
0
|
|
|
Liabilities Ratio
|
0.52
|
0.39
|
0.44
|
|
|
Times Interest Earned Ratio
|
0
|
0
|
0
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
8.89
|
11.30
|
10.98
|
|
|
Net Profit Margin
|
7.44
|
8.52
|
7.99
|
|
|
Return On Net Assets
|
21.45
|
25.05
|
25.42
|
|
|
Return On Capital Employed
|
21.45
|
25.05
|
25.42
|
|
|
Return On Shareholders' Funds/Equity
|
17.95
|
18.88
|
18.50
|
|
|
Dividend Pay Out Ratio (Times)
|
0.81
|
0.75
|
0.60
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
|
|
%20SDN%20BHD%20-%20146750%2006-Jul-2011_files/image002.jpg){kind=small}