|
* Adopted abbreviations : SC
- Subject Company (the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
781562-K
|
|
COMPANY NAME
|
:
|
AEP POWER SDN BHD
|
|
FORMER NAME
|
:
|
POLY PRISTINE SDN BHD
|
|
INCORPORATION DATE
|
:
|
19/07/2007
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
26-2, LORONG 6E/91, TAMAN SHAMELIN PERKASA, 56100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 12A JLN 51A/227 SECTION 51A, 46100 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
TEL.NO.
|
:
|
03-78773921/78776651
|
|
FAX.NO.
|
:
|
03-78772077
|
|
CONTACT PERSON
|
:
|
LIM JENQ KUAN ( DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
45209
|
|
PRINCIPAL ACTIVITY
|
:
|
MECHANICAL & ELECTRICAL CONTRACTOR
|
|
AUTHORISED CAPITAL
|
:
|
MYR 500,000.00
DIVIDED INTO
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 200,000.00
DIVIDED INTO
ORDINARY SHARES 200,000 CASH OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 2,557,990 [2010]
|
|
NET WORTH
|
:
|
MYR 1,079,811 [2010]
|
|
STAFF STRENGTH
|
:
|
20 [2011]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
FAIR
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
HIGH
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD130,334
|
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) mechanical &
electrical contractor.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
MR. LIM JENQ KUAN +
|
17 JALAN BEKA, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
850805-14-5313
|
100,000.00
|
|
DATIN WONG OOI PEAN +
|
17 JALAN BEKA, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
590403-10-6284
5648855
|
100,000.00
|
|
|
|
|
---------------
|
|
|
|
|
200,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
DATO' LIM KANG SWEE
|
|
Address
|
:
|
17 JALAN BEKA, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
5729697
|
|
New IC No
|
:
|
590806-10-6019
|
|
Date of Birth
|
:
|
06/08/1959
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
21/02/2011
|
|
|
|
|
|
|
|
|
|
Working Experience
|
:
|
HE HAS MORE THAN 15 YEARS EXPERIENCE IN THE RENTAL &
RECONDITIONING BUSINESS. HE STARTED HIS SOLE-PROPRIETORSHIP UNDER THE NAME
OF WINCON TRADING & CO WHICH DEALS IN RENTAL, RECONDITIONING OF
MACHINERY AND SALE IN SPARE PARTS & BUILDING MATERIALS.
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. LIM JENQ KUAN
|
|
Address
|
:
|
17 JALAN BEKA, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
850805-14-5313
|
|
Date of Birth
|
:
|
05/08/1985
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
15/11/2007
|
DIRECTOR 3
|
Name Of Subject
|
:
|
DATIN WONG OOI PEAN
|
|
Address
|
:
|
17 JALAN BEKA, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
5648855
|
|
New IC No
|
:
|
590403-10-6284
|
|
Date of Birth
|
:
|
03/04/1959
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
15/11/2007
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
LIM JENQ KUAN
|
|
|
Position
|
:
|
DIRECTOR
|
AUDITOR
|
Auditor
|
:
|
PETER OOI & CO
|
|
Auditor' Address
|
:
|
SUITE 2.8, BLOCK C, PLAZA DAMANSARA, 45, JALAN MEDAN SETIA 1, BUKIT
DAMANSARA, LEVEL 2, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. LIEW SIEW LIN
|
|
|
IC / PP No
|
:
|
A0273071
|
|
|
New IC No
|
:
|
650823-02-5044
|
|
|
Address
|
:
|
10, JALAN HUJAN ABU 2, TAMAN OVERSEAS UNION, 58200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MR. CHAN THIAN SENG
|
|
|
|
|
|
|
|
New IC No
|
:
|
770907-06-5525
|
|
|
Address
|
:
|
B-13-7, BAYU TASIK 2 CONDOMINIUM, JALAN SRI PEMAISURI 5, BANDAR SRI
PEMAISURI, 56000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, 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).
The SC has bank charges with above mentioned banker(s).
|
ENCUMBRANCE (S)
ENCUMBRANCE 1
|
Date of Creation
|
:
|
06/01/2011
|
|
Description Of Charge
|
:
|
TRADE
FINANCING GENERAL AGREEMENT DATED 06/01/2011 EXECUTED BY THE COMPANY IN
FAVOUR OF THE CHARGEE NAMED IN ITEM 9 HEREOF
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
ALL BILLS,
DOCUMENTS OF TITTLE, TRANSPORTATION DOCUMENTS, INSURANCE POLICIES AND OTHER
DOCUMENTS REPRESENTING RELATING TO GOODS AND/OR PRODUCE WHICH GOODS AND/OR
DOCUMENTS ARE IN THE NAME, POSSESSION OR CONTROL OF HSBC BANK MALAYSIA BERHAD
(127776-V)
|
|
Name & Address Of Chargee
|
:
|
HSBC BANK
MALAYSIA BHD
2, LEBOH AMPANG, 50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 001 In The Register of Charges
|
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%
|
|
Import Countries
|
:
|
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
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
X
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CASH,CHEQUES
|
oPERATIONS
|
Services
|
:
|
MECHANICAL & ELECTRICAL CONTRACTOR
|
|
|
|
|
|
Competitor(s)
|
:
|
GAMUDA BHD
MUHIBBAH ENGINEERING (M) BHD
RANHILL BHD
ROAD BUILDERS (M) HOLDINGS BHD
UEM GROUP BERHAD
|
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2011
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
20
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) mechanical &
electrical contractor.
The SC engaged in civil engineering service for power generator and
transmission lines.
The SC also provide mechanical and electrical work for electrical and power
industry.
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
|
:
|
03-78773921/78776651
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
GROUND FLOOR, 12A, JALAN 51A/227, SECTION 51A, 46100 PETALING JAYA
SELANGOR MALAYSIA
|
|
Current Address
|
:
|
LOT 12A JLN 51A/227 SECTION 51A, 46100 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one
of the SC staff and she provided some information regarding to the SC.
The SC has change its address number at GROUND FLOOR, 12A, JALAN 51A/227,
SECTION 51A, 46100 PETALING JAYA SELANGOR MALAYSIA.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Increased
|
[
|
2.66%
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
585.50%
|
]
|
|
Return on Shareholder Funds
|
:
|
Favourable
|
[
|
66.19%
|
]
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
84.05%
|
]
|
The higher turnover could be attributed to the favourable market condition.
The higher profit could be attributed to the increase in turnover. 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
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
Debtors Ratio
|
:
|
Unfavourable
|
[
|
292 Days
|
]
|
|
Creditors Ratio
|
:
|
Unfavourable
|
[
|
118 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
|
[
|
1.70 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.70 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
|
:
|
Favourable
|
[
|
180.64 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.12 Times
|
]
|
The interest cover showed that the SC was able to service the interest. The
favourable interest cover could indicate that the SC was making enough profit
to pay for the interest accrued. 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:
Generally, the
SC's performance has improved with higher turnover and profit. 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. With the favourable interest cover, the
SC could be able to service all the accrued interest without facing any
difficulties. 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
|
|
45209 : Other civil engineering
|
|
|
|
|
INDUSTRY :
|
ENGINEERING
|
|
The civil engineering sub-sector grew 6.3% in first half of 2008 (January -
June 2007: 3.5%) due to higher activity in the oil and gas sector as well
as the implementation of 9MP projects and growth corridors development. The
construction of Second Penang Bridge which commence in 2008 further boost
the civil engineering activities.
|
|
Infrastructure development in Sabah and Sarawak is also expected to
intensify with increased allocation to implement several projects including
the construction of Jalan Kota Marudu - Ranau, Sandakan Northern Ring Road,
Jalan Kota Samarahan - Gempeh and upgrading of Jalan Kuching-Sibu. The
civil engineering sub-sector also benefited from the buoyant oil and gas
construction activities, in particular, the construction of Sabah-Sarawak
Gas Pipeline as well as deepwater exploration works.
|
|
The Government announced several provisions to allow variations in the
contract value of government projects in August 2008. This is to assist
contractors to cope with escalating prices of construction materials. For
the civil engineering works, the price variation is extended from 5 to 11
types of building materials. In addition, contractors involved in design
and build projects will be paid according to price variation of building materials.
|
|
The Civil Engineering sub-sector however experienced a slight decline in
first quarter of 2009. The civil engineering sub-sector was lower due to a
slower-than-expected take-off of some key infrastructure projects in first
quarter of 2009.
|
|
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 : Marginal Growth
|
COMMENTS & RECOMMENDATION
|
Incorporated in 2007 as a private limited company, the SC is
principally engaged as a mechanical and electrical contractor. The SC has
been in business for about 4 years and it has slowly been building up
contact with its clients while competing in the industry. However, it has
yet to enjoy a stable market shares as it need to compete many well
established players in the same field. With a small paid up capital of
RM200,000, the SC should put more efforts on its business to gain higher
market share while competing aggressively in the market.
|
|
The SC's business operations are predominantly in Malaysia. As such, any
adverse developments in the economic environment and uncertainties in
Malaysia could materially and adversely affect the business prospects of
the SC. Its business risk is high compared to the export oriented company.
Currently, the SC has a total work force of 20 employees in its operation.
Overall, the management capability of the SC is average.
|
|
During the financial year under review, its turnover continued on an upward
momentum, reaching RM2,557,990 in 2010. Correspondingly, its pre-tax profit
rose to RM952,442. 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.
The SC is in good liquidity position with its current liabilities well
covered by its current assets. Hence, it has sufficient working capital to
meet its short term financial obligations. Being a 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. The SC had a strong financial
condition.
|
|
Investigation revealed that the SC's raw materials are sourced from both
local and overseas suppliers. Hence, the SC is subjected to currency
fluctuation risk and high operating costs.
|
|
The SC's overall payment habit is fair and this clearly implied a weak
credit control of the SC.
|
|
The industry has reached its optimum level and is generally stable. The
potential growth for the industry is marginal and it is quite competitive.
It very much depends on the SC's capacity in sustaining its performance in
the market.
|
|
Based on the above condition, we recommend credit be granted to the SC
normally.
|
PROFIT AND LOSS ACCOUNT
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING
STANDARD.
|
|
AEP
POWER SDN BHD
|
|
For
The Year Ended 30-June-2010
|
|
|
2010
|
2009
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
2,557,990
|
2,491,718
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
952,442
|
138,941
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
952,442
|
138,941
|
|
Taxation
|
<237,687>
|
<48,433>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
714,755
|
------------
90,508
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
714,755
|
------------
90,508
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
714,755
|
------------
90,508
|
|
As previous reported
|
365,054
|
274,546
|
|
|
|
|
|
As restated
|
------------
365,054
|
------------
274,546
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
1,079,809
|
365,054
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
1,079,809
==========
|
------------
365,054
==========
|
|
RETAINED BY: The Company
|
1,079,809
|
365,054
|
|
|
|
|
|
|
------------
1,079,809
==========
|
------------
365,054
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
|
|
|
Other interest expenses
|
5,302
|
1,326
|
|
|
------------
5,302
==========
|
------------
1,326
==========
|
|
|
|
|
BALANCE SHEET
|
AEP
POWER SDN BHD
|
|
As
At 30-June-2010
|
|
|
|
|
|
|
2010
|
2009
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
FIXED ASSETS
|
193,035
|
215,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
193,035
|
------------
215,439
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade debtors
|
2,042,967
|
835,610
|
|
|
Other debtors, deposits & prepayments
|
160,655
|
40,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
102,081
|
42,439
|
|
|
|
|
|
|
|
Tax refundable
|
-
|
55,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
2,305,703
|
------------
973,466
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
Trade creditors
|
829,398
|
392,778
|
|
|
Other creditors & accruals
|
120,264
|
7,305
|
|
|
Hire purchase & lease creditors
|
73,333
|
73,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owing to director
|
255,839
|
219,699
|
|
|
Provision for taxation
|
80,391
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
1,359,225
|
------------
693,115
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
946,478
|
------------
280,351
|
|
TOTAL NET ASSETS
|
------------
1,139,513
==========
|
------------
495,790
==========
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
Ordinary share capital
|
2
|
2
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
2
|
------------
2
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
1,079,809
|
365,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
1,079,809
|
------------
365,054
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
1,079,811
|
------------
365,056
|
|
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hire purchase creditors
|
55,002
|
128,334
|
|
|
Deferred taxation
|
4,700
|
2,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
59,702
|
------------
130,734
|
|
|
------------
|
------------
|
|
|
1,139,513
|
495,790
|
|
|
==========
|
==========
|
|
|
|
|
|
FINANCIAL RATIOS
|
AEP
POWER SDN BHD
|
|
As
At 30-June-2010
|
|
|
2010
|
2009
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
Cash
|
102,081
|
42,439
|
|
|
Net Liquid Funds
|
102,081
|
42,439
|
|
|
Net Liquid Assets
|
946,478
|
280,351
|
|
|
Net Current Assets/(Liabilities)
|
946,478
|
280,351
|
|
|
Net Tangible Assets
|
1,139,513
|
495,790
|
|
|
Net Monetary Assets
|
886,776
|
149,617
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
Total Borrowings
|
128,335
|
201,667
|
|
|
Total Liabilities
|
1,418,927
|
823,849
|
|
|
Total Assets
|
2,498,738
|
1,188,905
|
|
|
Net Assets
|
1,139,513
|
495,790
|
|
|
Net Assets Backing
|
1,079,811
|
365,056
|
|
|
Shareholders" Funds
|
1,079,811
|
365,056
|
|
|
Total Share Capital
|
2
|
2
|
|
|
Total Reserves
|
1,079,809
|
365,054
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
Cash Ratio
|
0.08
|
0.06
|
|
|
Liquid Ratio
|
1.70
|
1.40
|
|
|
Current Ratio
|
1.70
|
1.40
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
Stock Ratio
|
0
|
0
|
|
|
Debtors Ratio
|
292
|
122
|
|
|
Creditors Ratio
|
118
|
58
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
Gearing Ratio
|
0.12
|
0.55
|
|
|
Liabilities Ratio
|
1.31
|
2.26
|
|
|
Times Interest Earned Ratio
|
180.64
|
105.78
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
Operating Profit Margin
|
37.23
|
5.58
|
|
|
Net Profit Margin
|
27.94
|
3.63
|
|
|
Return On Net Assets
|
84.05
|
28.29
|
|
|
Return On Capital Employed
|
78.97
|
24.65
|
|
|
Return On Shareholders' Funds/Equity
|
66.19
|
24.79
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
|
|
|
|
|
|
