|
* Adopted abbreviations : SC - Subject Company (the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
521298-H
|
|
COMPANY NAME
|
:
|
BARCO SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
21/07/2000
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
13A, JALAN SS 21/65B, DAMANSARA UTAMA, 47400 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
27-1&27-2 BLOCK D1 JALAN PJU 1/41 DATARAN PRIMA, 47301 PETALING
JAYA, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-78803362
|
|
FAX.NO.
|
:
|
03-78802362
|
|
WEB SITE
|
:
|
www.barco.com
|
|
CONTACT PERSON
|
:
|
SOO MUN FEI ( DIRECTOR )
|
|
INDUSTRY CODE
|
:
|
51512
|
|
PRINCIPAL ACTIVITY
|
:
|
SALE OF
PROJECTION SYSTEMS & PROVISION OF RELATED MAINTENANCE SERVICE
|
|
AUTHORISED CAPITAL
|
:
|
MYR
1,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 500,000.00
DIVIDED INTO
ORDINARY SHARES 500,000 CASH OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 5,089,688
[2010]
|
|
NET WORTH
|
:
|
MYR 1,674,916
[2010]
|
|
STAFF STRENGTH
|
:
|
7 [2011]
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD40,604
|
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) sale of projection
systems & provision of related maintenance service.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate and ultimate holding company of the SC is BARCO N.V., a company
incorporated in BELGIUM.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
BARCO N V
|
PRESIDENT KENNEDY PARK 35, B-8500, KORTRIJK, BELGIUM.
|
|
500,000.00
|
|
|
|
|
---------------
|
|
|
|
|
500,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. SOO MUN FEI
|
|
Address
|
:
|
4, JALAN TR 1/1, TROPICANA, 47410 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
581202-08-5507
|
|
Date of Birth
|
:
|
02/12/1958
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
21/08/2000
|
DIRECTOR 2
|
Name Of Subject
|
:
|
NG TIAN HOCK
|
|
Address
|
:
|
698, CHANGI ROAD EAST, 03-12, CHANGI COURT, 486828, SINGAPORE.
|
|
IC / PP No
|
:
|
S1454437B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
21/03/2003
|
DIRECTOR 3
|
Name Of Subject
|
:
|
JACQUES PIERRE JEAN BERTRAND
|
|
Address
|
:
|
9B, ROYAL GARDEN, 27, REPULSE BAY ROAD, HONG KONG.
|
|
IC / PP No
|
:
|
EH955162
|
|
Nationality
|
:
|
BELGIAN
|
|
Date of Appointment
|
:
|
15/07/2005
|
DIRECTOR 4
|
Name Of Subject
|
:
|
PHILTJENS JOHAN GREGOIRE MARIA
|
|
Address
|
:
|
10A, TOWER 5, THE LEIGHTON HILL, 2B, BROADWOOD ROAD, HONG KONG.
|
|
IC / PP No
|
:
|
E1591211
|
|
Nationality
|
:
|
BELGIAN
|
|
Date of Appointment
|
:
|
16/08/2000
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MS. FOO LI LING
|
|
Address
|
:
|
40, JALAN BUNGA ANGGERIK 2, DATARAN UKAY, 68000 AMPANG, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
A1728204
|
|
New IC No
|
:
|
701111-07-5286
|
|
Date of Birth
|
:
|
11/11/1970
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
SOO MUN FEI
|
|
|
Position
|
:
|
DIRECTOR
|
AUDITOR
|
Auditor
|
:
|
JB LAU & KHOO
|
|
Auditor' Address
|
:
|
13M, JALAN SS 21/56B, DAMANSARA UTAMA, 47400 PETALING JAYA,
SELANGOR, MALAYSIA.
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. FOO LI LING
|
|
|
IC / PP No
|
:
|
A1728204
|
|
|
New IC No
|
:
|
701111-07-5286
|
|
|
Address
|
:
|
40, JALAN BUNGA ANGGERIK 2, DATARAN UKAY, 68000 AMPANG, SELANGOR,
MALAYSIA.
|
BANKING
No Banker found in our databank.
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
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Import Countries
|
:
|
ASIA PACIFIC,EUROPE,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
|
:
|
60%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,LETTER OF CREDIT (LC)
|
oPERATIONS
|
Goods Traded
|
:
|
PROJECTION SYSTEMS
|
|
|
|
|
|
Services
|
:
|
MAINTENANCE SERVICE
|
|
|
|
|
|
Competitor(s)
|
:
|
AGILENT
TECHNOLOGIES SALES (MALAYSIA) SDN BHD
BCT TECHNOLOGY BHD
EPCOS RDC SDN BHD
FUJIKURA ASIA LTD
SUMITOMO CORPORATION
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2011
|
2010
|
2009
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
7
|
7
|
6
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) sale of projection
systems & provision of related maintenance service.
Some of the SC product are:
- display monitors
- projector
- multi projector display
- video wall
- LED solution
- lightning product
- sofware
- imaging processing
- sensor processing etc..
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
|
:
|
0378803362
|
|
Current Telephone Number
|
:
|
03-78803362
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
27-1&27-2 BLOCK D1 JALAN PJU 1/41 DATARAN PRIMA , 47301,
PETALING JAYA , SELANGOR.
|
|
Current Address
|
:
|
27-1&27-2 BLOCK D1 JALAN PJU 1/41 DATARAN PRIMA, 47301 PETALING
JAYA, 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.
However she refuse to provide the SC's banker name.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Decreased
|
[
|
23.92%
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
1,492.65%
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
16.20%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
18.57%
|
]
|
The lower turnover could be due to the intense market competition. 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
|
:
|
Favourable
|
[
|
42 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
31 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
0 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
|
[
|
1.49 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.80 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 : 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
|
-
|
-
|
-
|
|
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
|
|
51512 : Wholesale of electrical and electronic components and wiring
accessories
|
|
|
|
|
INDUSTRY :
|
ELECTRICAL & ELECTRONIC
|
|
Malaysia's electronics and electrical (E&E) capabilities are expected
to be strengthened across the value chain with focus on attracting
multinational companies to operate in the country. Under the E&E
national key economic area targets, the sector is projected to increase
gross national income by RM53bil to RM90bil by 2020, and provide 157,000
jobs.
|
|
Four geographic areas (the Northern Corridor, the greater Klang Valley,
Johor and Sarawak) have been idenfied and sub-sectors include
semiconductors, solar, light emitting diodes (LEDs), electrical appliances
and industrial electronics.
|
|
Proposed projects under semiconductors include bringing in five mature
technology fabricators and three in advanced packaging technology; setting
up 50 IC design firms and two wafer substrate manufacturers. The aim is to
have a concentration of leading global semiconductor firms; the current
global market share is 5%.
|
|
In the solar manufacturing industry, it was proposed that domestic silicon
production be increased from six kilotonnes to 114 kilotonnes by 2020. The
production capacity of cell, wafers and modules should be increased by 10
times from 2.3GW to 23.3GW in 2020. Malaysia also aims to be a major
manufacturing location for modules serving the Asian market. The global
market for solar manufacturing is projected to increase from US$35bil in
2009 to US$290bil in 2020, with Asia as a major growth area.
|
|
Malaysia currently has 10% of the LED market largely for the illumination
sector. The target is to attract at least one major substrate supplier and
one epitaxy to complete the value chain. Two more LED wafer fabrication
plants are to be brought in, while the LED packaging business would be
expanded by 15% per year. At least five solid state lighting companies will
be developed into global leaders with a certification laboratory for LED
products.
|
|
Malaysia has a strong LED presence. Three out of five of the largest
lighting companies are located in the country. Besides the Government's
push for green technology, higher education for specialised LED areas, for
example thermal and optics, should be encouraged.
|
|
Under industrial electronics, the target is to grow Agilent's Malaysian
electronic measurement and bioanalytics business, and build the complete
test and measurement ecosystem. There is also a proposal to grow the radio
communications ecosystem led by Motorola and develop radio frequency
identification applications. Malaysia should be promoted as a site for
leading automation equipment manufacturers. A consortium of electrical home
appliances companies should also be built.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
COMMENTS & RECOMMENDATION
|
Incorporated in 2000 as a private limited company, the SC is principally
engaged in the sale of projection systems & provision of related
maintenance services. The SC has been existence in the market for 11 years
and it has succeeded in building up its image in the market. Strongly
supported by its well-established holding company from Belgium, the SC is
expected to enjoy timely financial and technical support should the needs
arise.
|
|
Over the years, the SC has established an extensive clientele base in the
market. Besides catering to the local market, the SC has penetrated into
other countries. With the contribution of both local and overseas
customers, the SC is likely to be exposed to lower commercial risk. Hence,
we believe that the SC has better business expansion opportunities in the
future. The management of the SC is overseen by its Director and assisted
by 7 staff in the operations. Overall the management capability of the SC
is average.
|
|
During the financial year 2010, the SC's turnover and pre-tax profit stood
at RM5.08 million and RM311,076 respectively. The SC has generated an
acceptable return on shareholders' funds. Moreover it also possesses an
adequate liquidity. This moderate position is expected to gain momentum in
future if the SC manage to apply better control over its operating costs.
Overall financial risk of the SC is moderate.
|
|
Investigation revealed that the SC's supplies are mainly imported from
overseas countries. As the SC's operations are mainly involved importation
and exportation, its forex exposure is high. Fluctuations in currency
exchange rates may negatively affect its operating results.
|
|
We regard that the SC's overall payment habit is prompt. The SC is capable
to meet small & medium commitments. Little caution needed for big
transactions.
|
|
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the SC is expected to benefit from the favourable
outlook of the industry.
|
|
In view of the above, we recommend credit be granted to the SC promptly.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
BARCO SDN BHD
|
|
For The Year
Ended 31-December-2010
|
|
|
2010
|
2009
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
5,089,688
|
6,689,753
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
311,076
|
19,532
|
|
|
|
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
311,076
|
19,532
|
|
Taxation
|
<39,802>
|
120,552
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
271,274
|
------------
140,084
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
271,274
|
------------
140,084
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
271,274
|
------------
140,084
|
|
As previous reported
|
903,642
|
763,558
|
|
|
|
|
|
As restated
|
------------
903,642
|
------------
763,558
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
1,174,916
|
903,642
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
1,174,916
==========
|
------------
903,642
==========
|
|
RETAINED BY: The Company
|
1,174,916
|
903,642
|
|
|
|
|
|
|
|
|
|
|
------------
1,174,916
==========
|
------------
903,642
==========
|
BALANCE SHEET
|
BARCO SDN BHD
|
|
As At
31-December-2010
|
|
|
|
|
|
|
2010
|
2009
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
FIXED ASSETS
|
176,800
|
260,226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
176,800
|
------------
260,226
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
585,489
|
1,056,953
|
|
|
|
|
|
|
|
Trade debtors
|
430,747
|
356,319
|
|
|
Other debtors, deposits & prepayments
|
21,132
|
25,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount due from related companies
|
1,487,744
|
199,927
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
706,637
|
1,145,306
|
|
|
|
|
|
|
|
Tax recoverable
|
141,508
|
90,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
3,373,257
|
------------
2,874,417
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
Other creditors & accruals
|
332,658
|
248,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owing to holding companies
|
147,515
|
-
|
|
|
|
|
|
|
|
Amounts owing to related companies
|
1,291,253
|
1,272,735
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for taxation
|
103,715
|
200,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
1,875,141
|
------------
1,721,872
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
1,498,116
|
------------
1,152,545
|
|
TOTAL NET ASSETS
|
------------
1,674,916
==========
|
------------
1,412,771
==========
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
Ordinary share capital
|
500,000
|
500,000
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
500,000
|
------------
500,000
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
1,174,916
|
903,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
1,174,916
|
------------
903,642
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
1,674,916
|
------------
1,403,642
|
|
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
Long term loans
|
-
|
9,129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
-
|
------------
9,129
|
|
|
------------
|
------------
|
|
|
1,674,916
|
1,412,771
|
|
|
==========
|
==========
|
|
|
|
|
|
FINANCIAL RATIOS
|
BARCO SDN BHD
|
|
As At
31-December-2010
|
|
|
|
|
|
|
2010
|
2009
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
Cash
|
706,637
|
1,145,306
|
|
|
Net Liquid Funds
|
706,637
|
1,145,306
|
|
|
Net Liquid Assets
|
912,627
|
95,592
|
|
|
Net Current Assets/(Liabilities)
|
1,498,116
|
1,152,545
|
|
|
Net Tangible Assets
|
1,674,916
|
1,412,771
|
|
|
Net Monetary Assets
|
912,627
|
86,463
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
Total Borrowings
|
0
|
9,129
|
|
|
Total Liabilities
|
1,875,141
|
1,731,001
|
|
|
Total Assets
|
3,550,057
|
3,134,643
|
|
|
Net Assets
|
1,674,916
|
1,412,771
|
|
|
Net Assets Backing
|
1,674,916
|
1,403,642
|
|
|
Shareholders" Funds
|
1,674,916
|
1,403,642
|
|
|
Total Share Capital
|
500,000
|
500,000
|
|
|
Total Reserves
|
1,174,916
|
903,642
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
Cash Ratio
|
0.38
|
0.67
|
|
|
Liquid Ratio
|
1.49
|
1.06
|
|
|
Current Ratio
|
1.80
|
1.67
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
Stock Ratio
|
42
|
58
|
|
|
Debtors Ratio
|
31
|
19
|
|
|
Creditors Ratio
|
0
|
0
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
Gearing Ratio
|
0
|
0.01
|
|
|
Liabilities Ratio
|
1.12
|
1.23
|
|
|
Times Interest Earned Ratio
|
0
|
0
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
Operating Profit Margin
|
6.11
|
0.29
|
|
|
Net Profit Margin
|
5.33
|
2.09
|
|
|
Return On Net Assets
|
18.57
|
1.38
|
|
|
Return On Capital Employed
|
18.57
|
1.38
|
|
|
Return On Shareholders' Funds/Equity
|
16.20
|
9.98
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
|
|
|
|
|
|
