|
* Adopted abbreviations : SC - Subject Company (the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
548445-V
|
|
COMPANY NAME
|
:
|
MAC WORLD INDUSTRIES SDN BHD
|
|
FORMER NAME
|
:
|
MAC WORLD INCORPORATION SDN BHD (21/02/2008)
|
|
INCORPORATION DATE
|
:
|
23/05/2001
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
SUITE 1207, COMPLEXS SELANGOR, JALAN SULTAN, 12TH FLOOR, 50000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
PHILEO DAMANSARA II, BLOCK B, UNIT 3A-11, NO 15, JALAN 16/11, OFF
JALAN DAMANSARA, 46350 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-79547059
|
|
FAX.NO.
|
:
|
03-79540059
|
|
EMAIL
|
:
|
info@macworldinc.com
|
|
WEB SITE
|
:
|
www.macworldinc.com
|
|
CONTACT PERSON
|
:
|
ABRAHAM THOMAS ( MANAGING DIRECTOR )
|
|
INDUSTRY CODE
|
:
|
51212 51239
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF
EDIBLE OILS AND OTHER FOOD PRODUCTS
|
|
AUTHORISED CAPITAL
|
:
|
MYR
5,000,000.00 DIVIDED INTO
ORDINARY SHARE 5,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR
1,610,247.00 DIVIDED INTO
ORDINARY SHARES 1,610,247 CASH OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 88,228,795
[2009]
|
|
NET WORTH
|
:
|
MYR 1,317,860 [2009]
|
|
STAFF STRENGTH
|
:
|
10 [2011]
|
|
BANKER (S)
|
|
MALAYAN BANKING BHD
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STABLE
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD38,135
|
HISTORY / BACKGROUND
The SC is a private limited company and is
allowed to have a minimum of one and a maximum of forty-nine shareholders. As
a private limited company, the SC must have at least two directors. A private
limited company is a separate legal entity from its shareholders. As a
separate legal entity, the SC is capable of owning assets, entering into contracts,
sue or be sued by other companies. The liabilities of the shareholders are to
the extent of the equity they have taken up and the creditors cannot claim on
shareholders' personal assets even if the SC is insolvent. The SC is governed
by the Companies Act, 1965 and the company must file its annual returns,
together with its financial statements with the Registrar of Companies.
The SC is principally engaged in the (as a / as an) trading of edible oils
and other food products.
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. ABRAHAM THOMAS +
|
A-18-06, VISTA KIARA CONDOMINIUM, 7, JALAN 1/6A, BUKIT KIARA, 50000
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
591205-75-5069
|
1,127,173.00
|
|
MR. SOSHEEL KUMAR A/L TIRATHRAM SHARMA +
|
1 JALAN TEMPINIS 4, BANGSAR BARU, 59100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
520518-10-5253
8089152
|
402,562.00
|
|
MS. SHAMSIAH BINTI SAMLI
|
15, JALAN AU 2C/2, TAMAN DESA KERAMAT, 54200 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
690506-10-6226
A1265204
|
80,512.00
|
|
|
|
|
---------------
|
|
|
|
|
1,610,247.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. SOSHEEL KUMAR A/L TIRATHRAM SHARMA
|
|
Address
|
:
|
1 JALAN TEMPINIS 4, BANGSAR BARU, 59100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
8089152
|
|
New IC No
|
:
|
520518-10-5253
|
|
Date of Birth
|
:
|
18/05/1952
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN INDIAN
|
|
Date of Appointment
|
:
|
23/05/2001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. ABRAHAM THOMAS
|
|
Address
|
:
|
A-18-06, VISTA KIARA CONDOMINIUM, 7, JALAN 1/6A, BUKIT KIARA, 50000
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
591205-75-5069
|
|
Date of Birth
|
:
|
05/12/1959
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN OTHER
|
|
Date of Appointment
|
:
|
23/05/2001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
ABRAHAM THOMAS
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
SHAMSIAH SAMLI
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
LLYDS.EARLE.PANICKER
|
|
Auditor' Address
|
:
|
SUITE 1.00, WISMA YAKIN, JALAN MASJID INDIA, 6TH FLOOR, 50100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. KHAW BEE LING
|
|
|
IC / PP No
|
:
|
7138324
|
|
|
New IC No
|
:
|
630722-10-6154
|
|
|
Address
|
:
|
39, JALAN HUJAN EMAS 4, OVERSEAS UNION GARDEN, 58200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. MADONNA A/P A M FRANCIS
|
|
|
IC / PP No
|
:
|
5483781
|
|
|
New IC No
|
:
|
580924-10-5026
|
|
|
Address
|
:
|
3, JALAN 2, TAMAN SRI BUKIT, JALAN BUKIT, 43000 KAJANG, SELANGOR,
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
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
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
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Export Market
|
:
|
MIDDLE EAST, ASIA, EUROPE, INDIA
|
|
Credit Term
|
:
|
30 - 90 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
LETTER OF CREDIT (LC),TELEGRAPHIC TRANSFER (TT)
|
|
Type of Customer
|
:
|
DEALERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
EDIBLE OILS AND OTHER FOOD PRODUCTS
|
|
|
|
|
|
Ownership of premises
|
:
|
LEASED/RENTED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
COMPANY
|
10
|
10
|
7
|
7
|
4
|
6
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of edible oils
and other food products.
The SC sells a wide range of products which includes:
* Palm Oil & Palm Products (Edible)
* Industrial Grade Palm Oil
* Soft Oils (In consumer packs)
* Flavors & Colors
* Commodities
* Oleo Chemicals
* Coconut Oil
Besides that the SC also ofers cattle & poultry feeds, confectionery
& bakery applications, industrial products, flavors & colors,
chemicals, canned foods and etc.
We were informed that the SC provides products based on the customers'
requirements.
The SC's products comes under various brands including 'GOLDSTAR' and 'MR.
MAC' for vegetable cooking oil, vegetable ghee and tomato paste and 'GOLDEN
FARM' for evaporated milk.
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
|
:
|
03-79547059
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
PHILEO
DAMANSARA II, BLOCK B, UNIT 3A-11, NO 15, JALAN 16/11, OFF JALAN DAMANSARA,
46350, PETALING JAYA, SELANGOR.
|
|
Current Address
|
:
|
PHILEO
DAMANSARA II, BLOCK B, UNIT 3A-11, NO 15, JALAN 16/11, OFF JALAN DAMANSARA,
46350 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the Admin Department. She provided some
information on the SC.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Increased
|
[
|
2007 - 2009
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2007 - 2009
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
18.78%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
22.70%
|
]
|
The SC's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years. 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
|
[
|
3 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
14 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
17 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
|
[
|
1.07 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.16 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
|
[
|
212.92 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.08 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 : STABLE
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
|
|
51212 : Wholesale of palm oil
|
|
51239 : Wholesale of other foodstuffs e.g mee,kueh teow, wantan skin
and related products,cooking oil, tinned food, etc
|
|
|
|
|
INDUSTRY :
|
PALM OIL
|
|
|
|
|
|
|
Inventory levels and the La Nina weather patterns will determine the price
of palm oil, which hit a 30-month high on 13 December 2010 while Crude palm
oil (CPO) for February delivery rose RM89 to close at RM3,722. The prices
expect to be firm over the next few months on sustained demand due to
end-year festivities and the coming Chinese New Year holidays despite
Malaysian plantations going into a production down-cycle after hitting a
peak in October.
|
|
Inventory in November 2010, which stood at 1.63 million tonnes, was 15.4%
lower than a year ago. Besides, wetter weather conditions going into the
first quarter of 2011 as a result of the La Nina weather patterns could
still affect the planting season and therefore prices going forward.
|
|
The CPO prices to be firm over the next few months on sustained demand due
to end-year festivities and will hover around the RM3,000 to RM3,500 levels
by the middle of year 2011.
|
|
According to the Malaysian Palm Oil Board, CPO production in November, at
1.45 million tonnes, was 8.6% lower than a year ago and 10.8% down from
October, where there was a recovery despite the weather conditions, while
year-to-date, it was 1.8% weaker than last year. While exports registered a
slight 0.1% decline from a year ago, it recovered on a month-on-month basis
and year-to-date, was up 4.8% compared to the same period in year 2009.
|
|
Inventories would depend on demand and the weather. The weather conditions
would be like six months down the road but the current weather conditions
were not normal. It's not normal to see the flooding that we've seen in the
northern part of the peninsula or the extreme cold conditions in Europe.
|
|
In a report that the November data was the worst November performance since
2005. While investors should watch out for softening prices starting from
mid-2011, there is no any urgency to underweight the sector at this point
in time as palm oil price should remain relatively firm given that the
supply tightness will persist in the next few months.
|
|
The house's average CPO price expectation of RM2,700 per tonne for next
year on expectations of a potential bumper harvest in the second-half while
for 2010, the CPO price was on track to hit an average price of RM2,700.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth
|
COMMENTS & RECOMMENDATION
|
Incorporated in 2001 as a private limited company, the SC is
principally engaged in trading of edible oils and other food products. Its
long establishment in the market has allowed the SC to build up a good
reputation and gain higher market share against its rivals. With a paid up
capital of RM1.6 million, the SC has greater opportunities to expand its
business when the needs arise.
|
|
All the SC's products are export to overseas countries. As such, the SC's
business and future growth may be dependent on the political, economic and
social conditions in these overseas countries. Besides that, any economic
downturn in such countries could materially and adversely affect the SC's
business operations and prospects. As a small company, the SC's business
operation is supported by 10 employees. Overall, we regard that the SC's
management capability is average.
|
|
During the financial year under review, the SC's turnover continued on an
upward momentum, reaching RM88.22 million compared to RM59.26 million
previously. Correspondingly, its pre-tax profit rose to RM322,749. This was
achieved on the back of stronger performance of higher turnover. Return on
shareholders' funds of the SC was at an acceptable range which indicated
that the management was efficient in utilising its funds to generate
income. Besides, the SC managed to maintain an adequate liquidity level,
indicating that the SC has the ability to meet its 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.
Generally, the SC posted a stable and healthy financial standing. Given a
positive net worth standing at RM1,317,860, the SC should be able to
maintain its business in the near terms.
|
|
We noted that the SC's supplies are solely sourced from local market. Being
highly dependent on a limited number of suppliers could lead to delays,
lost of revenue and increased costs if such resources become unavailable or
shortage.
|
|
Based on the historical financial data, we concluded that the SC's payment
habit is prompt.
|
|
The industry remains robust with continuing strong global demand for its
products. The steady growth in the country's economy will further enhance
its business and there will be more business opportunities available for
the SC in the future. As a profit-making company, the SC has competitive
edge against other players in the same industry.
|
|
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.
|
|
MAC WORLD
INDUSTRIES SDN BHD
|
|
For The Year
Ended 31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
88,228,795
|
59,268,953
|
22,311,696
|
|
|
==========
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
322,749
|
193,032
|
74,429
|
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
322,749
|
193,032
|
74,429
|
|
Taxation
|
<75,262>
|
<22,921>
|
<34,800>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
247,487
|
------------
170,111
|
------------
39,629
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
247,487
|
------------
170,111
|
------------
39,629
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
247,487
|
------------
170,111
|
------------
39,629
|
|
As previous reported
|
70,373
|
<99,738>
|
<139,367>
|
|
|
|
|
|
|
As restated
|
------------
70,373
|
------------
<99,738>
|
------------
<139,367>
|
|
|
------------
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
317,860
|
70,373
|
<99,738>
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
317,860
==========
|
------------
70,373
==========
|
------------
<99,738>
==========
|
|
RETAINED BY: The Company
|
317,860
|
70,373
|
<99,738>
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
317,860
==========
|
------------
70,373
==========
|
------------
<99,738>
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
Hire purchase
|
1,523
|
-
|
-
|
|
Other interest expenses
|
-
|
-
|
1,631
|
|
|
------------
1,523
==========
|
------------
-
==========
|
------------
1,631
==========
|
BALANCE SHEET
|
MAC WORLD
INDUSTRIES SDN BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
216,179
|
106,947
|
126,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
216,179
|
------------
106,947
|
------------
126,182
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
652,175
|
351,657
|
260,914
|
|
|
|
|
|
|
|
|
Trade debtors
|
3,460,240
|
1,880,546
|
2,513,564
|
|
|
Other debtors, deposits & prepayments
|
99,099
|
74,499
|
786,689
|
|
|
Short term deposits
|
1,020,435
|
1,006,248
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount due from director
|
2,793
|
2,793
|
21,368
|
|
|
Cash & bank balances
|
3,603,954
|
564,754
|
13,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
8,838,696
|
------------
3,880,497
|
------------
3,595,701
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
4,030,307
|
2,135,420
|
1,129,345
|
|
|
Other creditors & accruals
|
3,549,123
|
772,553
|
1,641,403
|
|
|
Hire purchase & lease creditors
|
19,189
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owing to director
|
1,498
|
1,498
|
516,073
|
|
|
Provision for taxation
|
26,000
|
7,600
|
34,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
7,626,117
|
------------
2,917,071
|
------------
3,321,621
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
1,212,579
|
------------
963,426
|
------------
274,080
|
|
TOTAL NET ASSETS
|
------------
1,428,758
==========
|
------------
1,070,373
==========
|
------------
400,262
==========
|
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
1,000,000
|
1,000,000
|
500,000
|
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
1,000,000
|
------------
1,000,000
|
------------
500,000
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
317,860
|
70,373
|
<99,738>
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
317,860
|
------------
70,373
|
------------
<99,738>
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
1,317,860
|
------------
1,070,373
|
------------
400,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hire purchase creditors
|
85,606
|
-
|
-
|
|
|
Deferred taxation
|
25,292
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
110,898
|
------------
-
|
------------
-
|
|
|
------------
|
------------
|
------------
|
|
|
1,428,758
|
1,070,373
|
400,262
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
MAC WORLD
INDUSTRIES SDN BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
4,624,389
|
1,571,002
|
13,166
|
|
|
Net Liquid Funds
|
4,624,389
|
1,571,002
|
13,166
|
|
|
Net Liquid Assets
|
560,404
|
611,769
|
13,166
|
|
|
Net Current Assets/(Liabilities)
|
1,212,579
|
963,426
|
274,080
|
|
|
Net Tangible Assets
|
1,428,758
|
1,070,373
|
400,262
|
|
|
Net Monetary Assets
|
449,506
|
611,769
|
13,166
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
104,795
|
0
|
0
|
|
|
Total Liabilities
|
7,737,015
|
2,917,071
|
3,321,621
|
|
|
Total Assets
|
9,054,875
|
3,987,444
|
3,721,883
|
|
|
Net Assets
|
1,428,758
|
1,070,373
|
400,262
|
|
|
Net Assets Backing
|
1,317,860
|
1,070,373
|
400,262
|
|
|
Shareholders" Funds
|
1,317,860
|
1,070,373
|
400,262
|
|
|
Total Share Capital
|
1,000,000
|
1,000,000
|
500,000
|
|
|
Total Reserves
|
317,860
|
70,373
|
<99,738>
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0.61
|
0.54
|
0
|
|
|
Liquid Ratio
|
1.07
|
1.21
|
1.00
|
|
|
Current Ratio
|
1.16
|
1.33
|
1.08
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
3
|
2
|
4
|
|
|
Debtors Ratio
|
14
|
12
|
41
|
|
|
Creditors Ratio
|
17
|
13
|
18
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
0.08
|
0
|
0
|
|
|
Liabilities Ratio
|
5.87
|
2.73
|
8.30
|
|
|
Times Interest Earned Ratio
|
212.92
|
0
|
46.63
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
0.37
|
0.33
|
0.33
|
|
|
Net Profit Margin
|
0.28
|
0.29
|
0.18
|
|
|
Return On Net Assets
|
22.70
|
18.03
|
19.00
|
|
|
Return On Capital Employed
|
22.40
|
18.03
|
19.00
|
|
|
Return On Shareholders' Funds/Equity
|
18.78
|
15.89
|
9.90
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
0
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
|
|
