|
* Adopted abbreviations : SC - Subject Company (the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
851619-H
|
|
COMPANY NAME
|
:
|
P.M. CHEMICAL RESIST SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
30/03/2009
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
35, JALAN
KELISA EMAS 1, TAMAN KELISA EMAS, 13700 PERAI, PULAU PINANG, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
PT 1867, TINGKAT PERUSAHAAN 6, PRAI FREE INDUSTRIAL ZONE, 13600
PRAI, PULAU PINANG, MALAYSIA.
|
|
TEL.NO.
|
:
|
04-3803790
|
|
FAX.NO.
|
:
|
04-3803799
|
|
CONTACT PERSON
|
:
|
LIM KIM TECK ( DIRECTOR )
|
|
INDUSTRY CODE
|
:
|
24290
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURER
OF SPECIALTY ENGINEERED & CORROSION RESISTANT GLASSFIBRE REINFORCED
PLASTIC (GRP) & DUAL LAMINATE PRODUCT
|
|
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 560,000.00
DIVIDED INTO
ORDINARY SHARES 560,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 218,385 [2010]
|
|
NET WORTH
|
:
|
MYR <872,075> [2010]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
30 [2011]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
N/A
|
|
PAYMENT
|
:
|
POOR
|
|
MANAGEMENT CAPABILITY
|
:
|
WEAK
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
POOR
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
NIL
|
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) manufacturer of specialty
engineered & corrosion resistant glassfibre reinforced plastic (grp)
& dual laminate product.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the SC is PLASTICON EUROPE B.V., a company
incorporated in NETHERLANDS.
The ultimate holding company of the SC is AAC CAPITAL PARTNERS B.V., a
company incorporated in NETHERLANDS.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
PLASTICON EUROPE B.V
|
PARALLELSTRAAT 50, P O BOX 309, NETHERLANDS.
|
|
560,000.00
|
|
|
|
|
---------------
|
|
|
|
|
560,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. LIM KIM TECK
|
|
Address
|
:
|
8B-2-6 LEBUHRAYA THEAN TEIK, 11500 AYER ITAM, PULAU PINANG,
MALAYSIA.
|
|
IC / PP No
|
:
|
5538757
|
|
New IC No
|
:
|
590613-07-5607
|
|
Date of Birth
|
:
|
13/06/1959
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
JOHANN HERMANN VAN LAAK
|
|
Address
|
:
|
BINNENBRUCHWEG 4, D-46569 HUNXE, GERMANY.
|
|
IC / PP No
|
:
|
P5180081676
|
|
|
|
|
|
Date of Birth
|
:
|
14/03/1964
|
|
|
|
|
|
Nationality
|
:
|
GERMAN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
DIRK KOGEL
|
|
Address
|
:
|
19, JALAN FERRINGHI INDAH 3, 11100 BATU FERINGGI, PULAU PINANG,
MALAYSIA.
|
|
IC / PP No
|
:
|
C4VRN8L25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
GERMAN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
LIM KIM TECK
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
SH YEOH & CO
|
|
Auditor' Address
|
:
|
37, JALAN KELISA EMAS 1, TAMAN KELISA EMAS, 13700 PERAI, PULAU
PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. TEH AI GEK @ TEH AI GEIK
|
|
|
IC / PP No
|
:
|
A1193529
|
|
|
New IC No
|
:
|
690118-08-5056
|
|
|
Address
|
:
|
11A LORONG KIKIK 6, TAMAN INDERAWASIH, 13600 PRAI, PULAU PINANG,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MR. KONG SOWN KAEY
|
|
|
IC / PP No
|
:
|
A2556365
|
|
|
New IC No
|
:
|
731205-07-5225
|
|
|
Address
|
:
|
121, JALAN BINJAI, TAMAN SRI RAMBAI, 14000 BUKIT MERTAJAM, PULAU
PINANG, 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
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
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
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
X
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
SPECIALTY ENGINEERED & CORROSION RESISTANT GLASSFIBRE
REINFORCED PLASTIC (GRP) & DUAL LAMINATE PRODUCT
|
|
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2011
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
30
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturer of specialty
engineered & corrosion resistant glassfibre reinforced plastic (grp)
& dual laminate product.
The SC is engaged in the manufacturing of specialty engineered and corrosion
resistant products.
The SC provide integrated solutions for handling and containing critical
fluids and gases to the chemical water/waste water, power generation and
other process industries.
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
|
:
|
04-3803790
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
35, 1ST FLOOR, JALAN KELISA EMAS 13700 SEBERANG JAYA PENANG
|
|
Current Address
|
:
|
PT 1867, TINGKAT PERUSAHAAN 6, PRAI FREE INDUSTRIAL ZONE, 13600
PRAI, PULAU PINANG, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted Ms Ashley from the SC and she provided some information on the
SC.
The address provided belongs to the SC's registered office.
FINANCIAL COMMENTS
Only one year
account is available for the SC. Without any comparison with previous year
account, our comments on the SC's financial performance is restricted.
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
|
|
24290 : Manufacture of other chemical products n.e.c
|
|
|
|
|
INDUSTRY :
|
CHEMICAL
|
|
|
|
|
|
|
The chemicals industry is one of Malaysia's key industries, catering not
only for its own national requirements but also exporting to a number of
countries worldwide. The Malaysian chemicals and chemical products industry
has become the second largest contributor to the manufactured exports
sector, after the electrical and electronics industry.
|
|
The chemicals industry is important in Malaysia on account of the nation's
substantial oil and gas feedstock. The Chemicals Industries Council of
Malaysia (CICM) was established in 1978 as an industry group under the
aegis of the Federation of Malaysian Manufacturers, to focus on the
development of the chemicals industry. The primary objective of the CICM
was to organise the chemicals industry in Malaysia into a cohesive group to
represent Malaysia's interest at the ASEAN Chemicals Industries Club
(ACIC).
|
|
The Malaysian chemicals industry witnessed 37% growth in domestic sales
value in 2004 and sustained solid growth up until mid-2008. It expanded
rapidly and had been forecast to reach sales figures of MYR60,816mn by
2009.
|
|
Malaysia's balance of trade for the year January to December 2008 was
MYR114,883mn. In the first five months of 2008, total trade was 11.2% up on
the same period last year. These impressive figures were short-lived
however, with significant decreases observed in the latter half of 2008 and
early 2009, due to the impact of global economic crisis. The Industrial
Production Index (IPI) in January 2009 was 20.2 % lower than it was in
January 2008, following a sharp decline of 15.9% in December 2008.
|
|
The biggest drop was witnessed by chemicals and chemical products, which
saw output contract by 29.9%. This is partly because the chemicals industry
tends to be more sensitive to the economic cycle and so fares
disproportionately badly in recessions.
|
|
Total exports are down from MYR100,115mn (US$27,858.48mn) in
January-February 2008 to MYR77,856mn (US$21,662mn) in the same period of
2009. Similarly, there has been a fall in imports, with total incoming
sales falling from MYR81,289mn (US$22,617mn) in January-February 2008 to
MYR57,778mn (US$16,705mn) in January-February 2009.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth
|
COMMENTS & RECOMMENDATION
|
The SC is a private limited company, focusing on manufacturing of
specialyty engineered and corrosion resistant glassfibre reinforced plastic
and dual laminate products. The SC was established in 2009 and has emerged
as one of the players in the industry. The SC has yet to establish its
clientele base and mainly depends on a few major clients. However, support
by its major shareholder, Plasticon Europe B.V., the SC's future prospect
is bright.
|
|
Besides catering to the local market, the SC also exports to Asia countries.
As it concentrates in both local and overseas markets, we believe that the
SC has the ability to lower its business risk to meet any uncertainties in
the local economy. However, being a newly incorporated company, the SC may
face high business risk. Currently, the SC's management is assisted by 30
employees and its management capability is weak.
|
|
In 2009, the SC has generated a turnover and pre-tax losses of RM218,385
and RM1,432,075 respectively. Due to its losses, the SC has generated an
unfavourable return on shareholders' funds indicates that the management
was inefficient in utilising the SC's assets to generate income. Besides,
the SC possesses a weak liquidity position and we believe that the SC may
face some difficulties in meeting its short term financial obligations. A
low gearing ratio has minimised its financial risk. Overall, the SC is
financially POOR.
|
|
The industry continues to grow and the growth prospect is bright. This has
created ample business opportunities for the SC to expand and stabilise its
business. However, as a losses making company, the SC faces stiff
competition.
|
|
In view of its red shareholders' funds, we do not recommend credit be
granted to the SC.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
P.M. CHEMICAL
RESIST SDN BHD
|
|
For The Year
Ended 30-June-2010
|
|
|
|
|
|
2010
|
|
|
MYR
|
|
|
|
|
|
|
|
TURNOVER
|
218,385
|
|
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
<1,432,075>
|
|
|
|
|
|
------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
<1,432,075>
|
|
|
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
<1,432,075>
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
<1,432,075>
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
<1,432,075>
|
|
|
|
|
|
|
|
|
|
|
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
<1,432,075>
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
<1,432,075>
==========
|
|
RETAINED BY: The Company
|
<1,432,075>
|
|
|
|
|
|
|
|
|
------------
<1,432,075>
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
Other interest expenses
|
513
|
|
|
------------
513
==========
|
BALANCE SHEET
|
P.M. CHEMICAL
RESIST SDN BHD
|
|
As At
30-June-2010
|
|
|
|
|
|
2010
|
|
|
MYR
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
FIXED ASSETS
|
125,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
125,760
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
579,902
|
|
|
|
|
|
|
|
|
|
|
Other debtors, deposits & prepayments
|
49,897
|
|
|
Short term deposits
|
20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
474,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
1,124,496
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Trade creditors
|
183,033
|
|
|
Other creditors & accruals
|
552,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owing to holding companies
|
198,215
|
|
|
|
|
|
|
Amounts owing to related companies
|
1,188,651
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
2,122,331
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
<997,835>
|
|
TOTAL NET ASSETS
|
------------
<872,075>
==========
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share capital
|
560,000
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
560,000
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
<1,432,075>
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
<1,432,075>
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
<872,075>
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
|
|
|
<872,075>
|
|
|
==========
|
|
|
|
|
FINANCIAL RATIOS
|
P.M. CHEMICAL
RESIST SDN BHD
|
|
As At
30-June-2010
|
|
|
|
|
|
2010
|
|
|
MYR
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
494,697
|
|
|
Net Liquid Funds
|
494,697
|
|
|
Net Liquid Assets
|
<1,577,737>
|
|
|
Net Current Assets/(Liabilities)
|
<997,835>
|
|
|
Net Tangible Assets
|
<872,075>
|
|
|
Net Monetary Assets
|
<1,577,737>
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
0
|
|
|
Total Liabilities
|
2,122,331
|
|
|
Total Assets
|
1,250,256
|
|
|
Net Assets
|
<872,075>
|
|
|
Net Assets Backing
|
<872,075>
|
|
|
Shareholders" Funds
|
<872,075>
|
|
|
Total Share Capital
|
560,000
|
|
|
Total Reserves
|
<1,432,075>
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
Cash Ratio
|
0.23
|
|
|
Liquid Ratio
|
0.26
|
|
|
Current Ratio
|
0.53
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
969
|
|
|
Debtors Ratio
|
0
|
|
|
Creditors Ratio
|
306
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0
|
|
|
Liabilities Ratio
|
<2.43>
|
|
|
Times Interest Earned Ratio
|
<2.00>
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit Margin
|
<655.76>
|
|
|
Net Profit Margin
|
<655.76>
|
|
|
Return On Net Assets
|
164.16
|
|
|
Return On Capital Employed
|
164.16
|
|
|
Return On Shareholders' Funds/Equity
|
164.21
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent Liabilities
|
0.00
|
|
|
|
|
|
|
|
