|
* Adopted abbreviations : SC - Subject Company (the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
258996-V
|
|
COMPANY NAME
|
:
|
IVORY PEARL SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
05/03/1993
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
81, JALAN MARKET, 1ST FLOOR, 30000 IPOH,
PERAK, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 5, PERSIARAAN PERINDUSTRIAN KANTHAN 5, KANTHAN INDUSTRIAL
ESTATE, 31200 CHEMOR, PERAK,
MALAYSIA.
|
|
TEL.NO.
|
:
|
05-2013007
|
|
FAX.NO.
|
:
|
05-2015201
|
|
WEB SITE
|
:
|
www.ip-doors.com
|
|
CONTACT PERSON
|
:
|
YEONG CHEW TET ( CEO )
|
|
INDUSTRY CODE
|
:
|
3610
|
|
PRINCIPAL
ACTIVITY
|
:
|
MANUFACTURER
OF DOORS AND DOOR FRAMES, WINDOWS AND WINDOW FRAMES
|
|
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
6,781,321.00 DIVIDED INTO
ORDINARY SHARES 5,239,621 CASH AND 1,541,700 OTHERWISE OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 19,540,224
[2009]
|
|
NET WORTH
|
:
|
MYR 12,835,226
[2009]
|
|
STAFF STRENGTH
|
:
|
200 [2011]
|
|
BANKER (S)
|
|
HONG LEONG
BANK BHD
HSBC BANK MALAYSIA BHD
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD
PUBLIC BANK BHD
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD4,405
|
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 doors and
door frames, windows and window frames.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate and ultimate holding company of the SC is HOME & LEISURE
INTERNATIONAL LIMITED, a company incorporated in UNITED KINGDOM.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
HOME AND LEISURE INTERNATIONAL LTD
|
4, PONT PARK, BERWICK HILL, PONTELAND NEWCASTLE UPOH TYNE, NE20 OJX,
ENGLAND, UNITED KINGDOM.
|
|
4,185,201.00
|
|
STEADY PLATFORM SDN BHD
|
LOT 5, PERSIARAN PERINDUSTRIAN KANTHAN 5, ESTET PERINDUSTRIAN
KANTHAN, 31200 CHEMOR, PERAK, MALAYSIA.
|
477290
|
727,525.00
|
|
JS CHOO HOLDINGS SDN BHD
|
2.03 PELANGI POINT, 4 LINTANG PEKAN BARU, 2ND FLOOR, 41050 KLANG, SELANGOR, MALAYSIA.
|
67692
|
497,328.00
|
|
MS. CHAN YOKE PENG
|
12, LORONG CAMAY BARU, TAMAN CAMAY BARU, 31650 IPOH,
PERAK, MALAYSIA.
|
650108-08-6446
A0040941
|
457,147.00
|
|
SANUBARI AGRESIF SDN BHD
|
15-3, JALAN 65C, OFF JALAN PAHANG BARAT, PEKELILING BUSINESS CENTRE,
53000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
432876
|
315,000.00
|
|
MR. CHOO JEE SAM +
|
41, JALAN BIDOR, TAMAN SUMMIT,
KAWASAN 15, 41300 KLANG, SELANGOR,
MALAYSIA.
|
440222-08-5599
0589170
|
242,000.00
|
|
MS. LAM PHIT YEN +
[ALT DIR CHOO JEE SAM]
|
14B, JALAN MARGOSA, OFF JALAN PASIR PUTEH, 31650 IPOH,
PERAK, MALAYSIA.
|
620313-08-5410
|
209,520.00
|
|
MS. CHIN KUM YOKE
|
18, PERSIARAN TEMBOK 3, TAMAN SRI DESA, 30100 IPOH,
PERAK, MALAYSIA.
|
610929-08-5428
6319510
|
61,200.00
|
|
MR. TAN BENG HONG
|
8 JALAN BANGAU, IPOH GARDEN SOUTH, 31400 IPOH,
PERAK, MALAYSIA.
|
601104-10-5039
6079418
|
34,400.00
|
|
MR. LEE KOK CHOY +
|
13, JALAN KHOO CHENG CHEOW, HOUSING TRUST, 30250 IPOH,
PERAK, MALAYSIA.
|
571013-08-5517
5261607
|
20,000.00
|
|
MR. RAJA GOPAL S/O MUNIAPPAN
|
72 HALUAN TASIK TIMUR 4, ANJUNG BERCHAM MEGAH, 31400 IPOH, PERAK,
MALAYSIA.
|
621103-05-5189
6919047
|
32,000.00
|
|
|
|
|
---------------
|
|
|
|
|
6,781,321.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. CASIM FAREED JAFFARDEEN
|
|
Address
|
:
|
133, JALAN ARA, BANGSAR BARU, 59100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
8527521
|
|
New IC No
|
:
|
710503-71-5363
|
|
Date of Birth
|
:
|
03/05/1971
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN OTHER
|
|
Date of Appointment
|
:
|
29/05/2001
|
|
Remark
|
:
|
ALT DIR AV M JAFFARDEEN
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. AV M JAFFARDEEN
|
|
Address
|
:
|
133, JALAN ARA BANGSAR BARU, 59100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
7971041
|
|
New IC No
|
:
|
380507-71-5273
|
|
Date of Birth
|
:
|
07/05/1938
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
22/09/1993
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. YEONG CHEW TET
|
|
Address
|
:
|
27 LORONG CECIL RAE, CANNING
GARDEN, 31400 IPOH,
PERAK, MALAYSIA.
|
|
IC / PP No
|
:
|
5262680
|
|
New IC No
|
:
|
571224-08-6253
|
|
Date of Birth
|
:
|
24/12/1957
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
12/12/1996
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. RAZIK FAREED JAFFARDEEN
|
|
Address
|
:
|
56, JALAN RUMPAI, BUKIT BANDARAYA, 59100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
680918-71-5301
|
|
Date of Birth
|
:
|
18/09/1968
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
22/09/1993
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MR. LEE KOK CHOY
|
|
Address
|
:
|
13, JALAN KHOO CHENG CHEOW, HOUSING TRUST, 30250 IPOH,
PERAK, MALAYSIA.
|
|
IC / PP No
|
:
|
5261607
|
|
New IC No
|
:
|
571013-08-5517
|
|
Date of Birth
|
:
|
13/10/1957
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
11/08/2003
|
DIRECTOR 6
|
Name Of Subject
|
:
|
MS. LAM PHIT YEN
|
|
Address
|
:
|
14B, JALAN MARGOSA, OFF JALAN PASIR PUTEH, 31650 IPOH,
PERAK, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
620313-08-5410
|
|
Date of Birth
|
:
|
13/03/1962
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
12/10/2004
|
|
Remark
|
:
|
ALT DIR CHOO JEE SAM
|
DIRECTOR 7
|
Name Of Subject
|
:
|
MR. CHOO JEE SAM
|
|
Address
|
:
|
41, JALAN BIDOR, TAMAN SUMMIT,
KAWASAN 15, 41300 KLANG, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
0589170
|
|
New IC No
|
:
|
440222-08-5599
|
|
Date of Birth
|
:
|
22/02/1944
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
01/10/2004
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
YEONG CHEW TET
|
|
|
Position
|
:
|
CEO
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
CHIN KUM YOKE
|
|
|
Position
|
:
|
ACCOUNT MANAGER
|
AUDITOR
|
Auditor
|
:
|
ERNST & YOUNG
|
|
Auditor' Address
|
:
|
21 & 23, JALAN HUSSEIN, 1ST FLOOR, 30250 IPOH,
PERAK, MALAYSIA.
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. LEE KOK CHOY
|
|
|
IC / PP No
|
:
|
5261607
|
|
|
New IC No
|
:
|
571013-08-5517
|
|
|
Address
|
:
|
13, JALAN KHOO CHENG CHEOW, HOUSING TRUST, 30250 IPOH,
PERAK, MALAYSIA.
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MR. ONG KIM SHAN
|
|
|
IC / PP No
|
:
|
4011584
|
|
|
New IC No
|
:
|
441015-08-5849
|
|
|
Address
|
:
|
19, LINTASAN PERAJURIT 1, TAMAN PERAK, 31400 IPOH,
PERAK, MALAYSIA.
|
|
|
|
|
|
|
3)
|
Company Secretary
|
:
|
MS. LAM CHUI YOKE
|
|
|
IC / PP No
|
:
|
7249846
|
|
|
New IC No
|
:
|
640219-01-5246
|
|
|
Address
|
:
|
12, LORONG KLEDANG UTARA 12, TAMAN KLEDANG SURIA, 31450 MENGLEMBU, PERAK, MALAYSIA.
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
HONG LEONG BANK BHD
|
|
|
|
|
|
|
2)
|
Name
|
:
|
HSBC BANK MALAYSIA
BHD
|
|
|
|
|
|
|
3)
|
Name
|
:
|
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD
|
|
|
|
|
|
|
4)
|
Name
|
:
|
PUBLIC BANK 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
|
:
|
28/02/1995
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM2,650,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 2 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
13/04/2005
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 6 In The Register of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
13/04/2005
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 7 In The Register of Charges
|
ENCUMBRANCE 4
|
Date of Creation
|
:
|
10/02/2010
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
|
AN INDUSTRIAL PREMISES KNOWN AS LOT 11, PERSIARAN PERINDUSTRIAN
KANTHAN 5, KAWASAN PERINDUSTRIAN KANTHAN, 31200 CHEMOR, PERAK & HELD UNDER
PN 149335, LOT 198891, ULU KINTA, PERAK
|
|
|
Name & Address Of Chargee
|
:
|
|
PUBLIC BANK BHD
|
|
12-16, LALUAN CHEMOR SINARAN, DESA CHEMOR SINARAN, 31200 CHEMOR, PERAK, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 11/02/2010
|
|
Registered and Numbered 8 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
Overseas : YES
The SC refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
|
OVERALL PAYMENT HABIT
|
|
Prompt 0-30 Days
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
X
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Export Market
|
:
|
UNITED
KINGDOM, MIDDLE EAST, ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
TELEGRAPHIC TRANSFER (TT),LETTER OF CREDIT (LC)
|
OPERATIONS
|
Products manufactured
|
:
|
|
WOODEN DOORS & FRAMES, BUILDER'S JOINERY & FURNITURE
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
AHB HOLDINGS BHD
|
|
FEDERAL FURNITURE HOLDINGS (M) BHD
|
|
H.K.T. (MALAYSIA)
SDN BHD
|
|
LCL CORPORATION BHD
|
|
SHH RESOURCES HOLDINGS BHD
|
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
|
MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE)
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
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
|
200
|
220
|
237
|
268
|
200
|
160
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturer of doors and
door frames, windows and window frames.
The SC specialized in the production of Internal and External doors and door
frames.
The SC has the latest wood working machines, computer controlled kiln drying
plant, fully automated door lacquering line and veneering facilities.
All the doors produces by the SC meet stringent quality standards.
The SC also provides custom made doors.
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
|
:
|
052013007 / 2014998
|
|
Current Telephone Number
|
:
|
05-2013007
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
LOT 5, PERSIARAAN PERINDUSTRIAN KANTHAN 5, KANTHAN INDUSTRIAL
ESTATE, 31200, IPOH,
PERAK.
|
|
Current Address
|
:
|
LOT 5, PERSIARAAN PERINDUSTRIAN KANTHAN 5, KANTHAN INDUSTRIAL
ESTATE, 31200 CHEMOR, PERAK,
MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted Mr Chia from the Accounts Department. He furnished some
information on the SC.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Decreased
|
[
|
15.27%
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
80.76%
|
]
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
0.51%
|
]
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
1.52%
|
]
|
The lower turnover could be due to the intense market competition. The SC's profit
fell sharply because of the high operating costs incurred. The unfavourable
return on shareholders' funds and net assets could indicate that the SC's
management was inefficient in utilising its assets to generate returns.
Working Capital Control:
|
Stock Ratio
|
:
|
Unfavourable
|
[
|
108 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
52 Days
|
]
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
39 Days
|
]
|
The SC could be incurring higher holding cost. As its capital was tied up in stocks,
it could face liquidity problems. 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
|
:
|
Unfavourable
|
[
|
0.56 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.50 Times
|
]
|
A low liquid ratio means that the SC may be facing working capital
deficiency. If the SC cannot obtain additional financing or injection of
fresh capital, it may face difficulties in meeting its short term
obligations.
Solvency
|
Interest Cover
|
:
|
Unfavourable
|
[
|
1.86 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.13 Times
|
]
|
The SC's interest cover was low. If its profits fall or when interest rate
rises, it may not be able to meet all its interest payment. 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:
The SC's
performance deteriorated over the years with lower turnover and profit. Due
to its weak liquidity position, the SC will be faced with problems in meeting
all its short term obligations if no short term loan is obtained or
additional capital injected into the SC. If there is a fall in the SC's
profit or any increase in interest rate, the SC may not be able to generate
sufficient cash-flow to service its interest. 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 : POOR
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
|
|
3610 : Manufacture of furniture
|
|
|
|
|
INDUSTRY :
|
FURNITURE & FIXTURES
|
|
MALAYSIA's
2011 furniture exports are likely to improve by 9% to RM8.7 billion,
provided the US dollar stabilises at the current level and manufacturers are
able to secure enough foreign workers at their factories. The Malaysian
Timber Industry Board estimates that furniture exports at 2010 may have
touched RM8 billion as manufacturers suffered profit erosion from a
weakening US dollar and insufficient labourers to work on their clients'
orders.
|
|
According to the Malaysian Furniture Industry Council (MFIC), the
government's policy to reduce the country's dependency on foreign workers
is having an adverse impact on furniture production and exports. Furniture
export earnings will decline if there have not enough foreign workers to
work on the orders. Many small and medium enterprises will face shutdown
prospects.
|
|
There was growing demand for Malaysian-made furniture from the US and Australia, especially now as
American consumer spending is showing signs of recovery and Australians
need to refurbish their homes after the big flood. Traditional markets like
the US and Europe tend
to favour Malaysia over
low-cost producers like China
and Vietnam
due to better quality control and reliable after-sales services.
|
|
Malaysia has not benefited
from free trade agreements with Asean as well as Australia
and New Zealand,
which came into effect in January 2010. Singapore
and Thailand are
enjoying zero tariff on upholstery and wooden furniture when it is shipped
into Australia and New Zealand.
Malaysia,
however, is not. These may affect the furniture industry. Malaysian
furniture exporters sell in US dollar. When the ringgit strengthens, their
exports become more expensive. This leads to a fall in demand. In the last
12 months, the ringgit has been strengthening against the dollar. The
profit margins in the furniture export industry are between 3 and 15 per
cent and the order process takes an average of two months.
|
|
Malaysia
stands as the world's 10th largest exporter of furniture by sales volume.
The industry's main export markets are the United
States, Japan,
Europe, Australia and
the Middle East. The local furniture industry
will continue to be a major revenue earner for the country.
|
|
The Malaysian producers and exporters must rebrand themselves to move up
the value chain, to achieve higher levels of performance and
competitiveness and progress from being OEM production towards own design
manufacturing and original brand manufacturing. The Plantation Industries
and Commodities Ministry and the Malaysian Timber Industry Board has drawn
up strategies through the National Timber Industry Policy towards this
direction. The small- and medium-sized enterprises to penetrate countries
in the Middle East, East Asia, Southeast Asia and Africa as an avenue to
improve international trade performance.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth
|
COMMENTS & RECOMMENDATION
|
Incorporated in 1993 as a private limited company, the SC is
principally engaged as a manufacturer of doors and door frames, windows and
window frames. Having been in the industry for over a decade, the SC has achieved
a certain market share and has built up a satisfactory reputation in the
market. With a large issued and paid up capital of RM6.78 million and
strong backing from its well-established holding company, the SC enjoys
timely financial assistance should the needs arise.
|
|
Investigation revealed that the SC is a 100% export oriented company and
its products are exported worldwide such as United
Kingdom, Middle East and Asia.
Such a wide market coverage has benefited the SC in terms of higher earning
and minimised its commercial risk. However, being an export oriented
company, the SC is subjected to certain inherent risk of global economy
slowdown, foreign currencies fluctuations and stiff competition in the
international market. As a whole, the SC's commercial risk considered as
moderate. Currently, the SC has a total work force of 200 employees and its
business are overseen by its CEO, Yeong Chew Tet. Its management capability
is considered average.
|
|
In year 2009, the SC's business performance showed a reverse trend as both
its turnover and pre-tax profit have decreased compared to the previous
year. Its turnover has moderated by 15.27% to RM19.54 million whilst its
pre-tax profit dropped 80.76% to RM95,645, in view of decline in margin as
a result of a challenging and competitive business environment. Return on
shareholders' funds of the SC is relatively low, indicating that the SC did
not generate an acceptable amount of profits based on its existing
shareholders' funds. 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. Fortunately, 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. Given a positive net worth
standing at RM12.83 million, the SC should be able to maintain its business
in the near terms.
|
|
The SC's supplier are from both the local and overseas countries. This will
eliminates the risk of dependency on deliveries from a number of key
suppliers and insufficient quantities of its raw materials.
|
|
Based on the historical financial data, we concluded that the SC's payment habit
is average. The SC is capable to meet small and medium commitments.
|
|
The potential growth for the industry is marginal and it is quite
competitive. It is much dependent on the SC's capacity in sustaining its
performance in the market. As the SC is long presence in the market, it
should have acquired competitive edge against other players in the same
fields.
|
|
Based on the above condition, we recommend a moderate amount of credit be
granted to the SC normally.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
IVORY PEARL SDN BHD
|
|
For The Year
Ended 31-December-2009
|
|
|
2009
|
2008
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
19,540,224
|
23,062,620
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
95,645
|
497,111
|
|
|
|
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
95,645
|
497,111
|
|
Taxation
|
<30,650>
|
54,770
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
64,995
|
------------
551,881
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
64,995
|
------------
551,881
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
64,995
|
------------
551,881
|
|
As previous reported
|
5,988,910
|
5,437,029
|
|
|
|
|
|
As restated
|
------------
5,988,910
|
------------
5,437,029
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
6,053,905
|
5,988,910
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
6,053,905
==========
|
------------
5,988,910
==========
|
|
RETAINED BY: The Company
|
6,053,905
|
5,988,910
|
|
|
|
|
|
|
|
|
|
|
------------
6,053,905
==========
|
------------
5,988,910
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
Term loan
|
-
|
4,989
|
|
Bank overdraft
|
7,060
|
10,009
|
|
|
|
|
|
Hire purchase
|
22,320
|
46,150
|
|
Bankers acceptance
|
76,446
|
98,529
|
|
Export credit refinancing
|
5,803
|
71,187
|
|
|
------------
111,629
==========
|
------------
230,864
==========
|
BALANCE SHEET
|
IVORY PEARL SDN BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
2009
|
2008
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
FIXED ASSETS
|
10,365,635
|
10,728,144
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
Investments
|
180,000
|
180,000
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
180,000
|
------------
180,000
|
|
TOTAL LONG TERM ASSETS
|
------------
10,545,635
|
------------
10,908,144
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
Stocks
|
5,776,492
|
4,797,216
|
|
|
Trade debtors
|
2,757,123
|
5,236,631
|
|
|
Other debtors, deposits & prepayments
|
570,024
|
655,701
|
|
|
Cash & bank balances
|
120,603
|
206,510
|
|
|
Tax recoverable
|
42,669
|
-
|
|
TOTAL CURRENT ASSETS
|
------------
9,266,911
|
------------
10,896,058
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
Trade creditors
|
2,111,828
|
2,779,455
|
|
|
Other creditors & accruals
|
845,649
|
832,409
|
|
|
Hire purchase & lease creditors
|
165,087
|
304,124
|
|
|
Bank overdraft
|
196,016
|
330,510
|
|
|
Other borrowings
|
1,238,499
|
2,290,000
|
|
|
Bill & acceptances payable
|
1,630,000
|
1,595,000
|
|
|
Provision for taxation
|
-
|
4,148
|
|
TOTAL CURRENT LIABILITIES
|
------------
6,187,079
|
------------
8,135,646
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
3,079,832
|
------------
2,760,412
|
|
TOTAL NET ASSETS
|
------------
13,625,467
==========
|
------------
13,668,556
==========
|
|
FINANCED BY:
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
Ordinary share capital
|
6,781,321
|
6,781,321
|
|
TOTAL SHARE CAPITAL
|
------------
6,781,321
|
------------
6,781,321
|
|
RESERVES
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
6,053,905
|
5,988,910
|
|
TOTAL RESERVES
|
------------
6,053,905
|
------------
5,988,910
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
12,835,226
|
------------
12,770,231
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
Hire purchase creditors
|
21,699
|
137,586
|
|
|
Deferred taxation
|
768,542
|
760,739
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
790,241
|
------------
898,325
|
|
|
------------
|
------------
|
|
|
13,625,467
|
13,668,556
|
|
|
==========
|
==========
|
FINANCIAL RATIOS
|
IVORY PEARL SDN BHD
|
|
As At
31-December-2009
|
|
|
2009
|
2008
|
|
|
MYR
|
MYR
|
|
TYPES OF FUNDS
|
|
|
|
|
Cash
|
120,603
|
206,510
|
|
|
Net Liquid Funds
|
<75,413>
|
<124,000>
|
|
|
Net Liquid Assets
|
<2,696,660>
|
<2,036,804>
|
|
|
Net Current Assets/(Liabilities)
|
3,079,832
|
2,760,412
|
|
|
Net Tangible Assets
|
13,625,467
|
13,668,556
|
|
|
Net Monetary Assets
|
<3,486,901>
|
<2,935,129>
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
Total Borrowings
|
1,621,301
|
3,062,220
|
|
|
Total Liabilities
|
6,977,320
|
9,033,971
|
|
|
Total Assets
|
19,812,546
|
21,804,202
|
|
|
Net Assets
|
13,625,467
|
13,668,556
|
|
|
Net Assets Backing
|
12,835,226
|
12,770,231
|
|
|
Shareholders" Funds
|
12,835,226
|
12,770,231
|
|
|
Total Share Capital
|
6,781,321
|
6,781,321
|
|
|
Total Reserves
|
6,053,905
|
5,988,910
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
Cash Ratio
|
0.02
|
0.03
|
|
|
Liquid Ratio
|
0.56
|
0.75
|
|
|
Current Ratio
|
1.50
|
1.34
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
Stock Ratio
|
108
|
76
|
|
|
Debtors Ratio
|
52
|
83
|
|
|
Creditors Ratio
|
39
|
44
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
Gearing Ratio
|
0.13
|
0.24
|
|
|
Liabilities Ratio
|
0.54
|
0.71
|
|
|
Times Interest Earned Ratio
|
1.86
|
3.15
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
Operating Profit Margin
|
0.49
|
2.16
|
|
|
Net Profit Margin
|
0.33
|
2.39
|
|
|
Return On Net Assets
|
1.52
|
5.33
|
|
|
Return On Capital Employed
|
1.48
|
5.09
|
|
|
Return On Shareholders' Funds/Equity
|
0.51
|
4.32
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
|
|
|
|
|
|
