|
* Adopted abbreviations : SC - Subject Company (the company
enquired by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
289258-U
|
|
COMPANY NAME
|
:
|
ROBIN RESOURCES (MALAYSIA) SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
07/02/1994
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
1, JALAN INDUSTRI
5, TAMAN PERINDUSTRIAN TEMERLOH, 28400 MENTAKAB, PAHANG, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
1, JALAN
INDUSTRI 5, TAMAN PERINDUSTRIAN TEMERLOH, 28400 MENTAKAB, PAHANG, MALAYSIA.
|
|
TEL.NO.
|
:
|
09-2771133
|
|
FAX.NO.
|
:
|
09-2778688
|
|
EMAIL
|
:
|
contact@robinmdf.com
|
|
WEB SITE
|
:
|
www.robinmdf.com
|
|
CONTACT PERSON
|
:
|
ROBIN LOH SIN KIAN ( CHAIRMAN )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
20212
|
|
PRINCIPAL
ACTIVITY
|
:
|
MANUFACTURER
OF MEDIUM DENSITY FIBREBOARDS AND OTHER WOOD-BASED PRODUCT
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
100,000,000.00 DIVIDED INTO
ORDINARY SHARE 100,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
61,000,000.00 DIVIDED INTO
ORDINARY SHARES 55,000,000 CASH AND 6,000,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 221,902,368 [2010]
|
|
NET WORTH
|
:
|
MYR 158,241,180 [2010]
|
|
M1000 OVERALL RANKING
|
:
|
984[2009]
|
|
M1000 INDUSTRY RANKING
|
:
|
18[2009]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
300 [2011]
|
|
|
|
|
|
BANKER (S)
|
:
|
|
AMBANK (M)
BHD
AMMERCHANT BANK BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD9,894,980
|
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 medium density
fibreboards and other wood-based product.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
|
According to the Malaysia 1000 publication, the SC's ranking are as
follows:
|
|
|
|
|
|
|
YEAR
|
2009
|
|
|
|
OVERALL RANKING
|
984
|
|
|
|
INDUSTRY RANKING
|
18
|
|
|
The immediate holding company of the SC is
ROBINA RESOURCES PTE LTD, a company incorporated in SINGAPORE.
The ultimate holding company of the SC is ROSINA INC, a company incorporated in
LIBERIA.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
ROBINA RESOURCES (PTE) LTD
|
80, MARINE PARADE ROAD, #12-08 PARKWAY PARADE, 449269, SINGAPORE.
|
|
61,000,000.00
|
|
|
|
|
---------------
|
|
|
|
|
61,000,000.00
|
|
|
|
|
============
|
+ Also Director
The SC interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No
|
Company
|
(%)
|
As At
|
|
515352
|
ROBINA FLOORING SDN BHD
|
100
|
30/06/2010
|
|
|
|
|
|
|
|
648581
|
ROBINA PLANTATION SDN BHD
|
100
|
30/06/2010
|
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR.ROBBY LOH TSE KANG
|
|
Address
|
:
|
5, AVON ROAD, 439783, SINGAPORE.
|
|
IC / PP No
|
:
|
S0074304F
|
|
|
|
|
|
Date of Birth
|
:
|
21/05/1950
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
22/09/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MS. LOH JU FERN
|
|
Address
|
:
|
9, PALM ROAD, 456444, SINGAPORE.
|
|
IC / PP No
|
:
|
S2006516H
|
|
|
|
|
|
Date of Birth
|
:
|
27/10/1953
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
22/09/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. TEOH CHENG KANG
|
|
Address
|
:
|
1, JALAN INDUSTRI 5, TAMAN PERINDUSTRIAN TEMERLOH, 28400 MENTAKAB,
PAHANG, MALAYSIA.
|
|
IC / PP No
|
:
|
S2004888C
|
|
|
|
|
|
Date of Birth
|
:
|
31/05/1948
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
22/09/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR.PETER LOH PIE TEH
|
|
Address
|
:
|
32, CAIRNHILL ROAD, 04-02, SILVER TOWER, 229657, SINGAPORE.
|
|
IC / PP No
|
:
|
S0053966Z
|
|
|
|
|
|
Date of Birth
|
:
|
29/12/1951
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
22/09/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
CHUA PHAU TEE
|
|
Address
|
:
|
1, JALAN INDUSTRI 5, TAMAN PERINDUSTRIAN TEMERLOH, 28400 MENTAKAB,
PAHANG, MALAYSIA.
|
|
IC / PP No
|
:
|
S0570703Z
|
|
|
|
|
|
Date of Birth
|
:
|
04/05/1940
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
22/09/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of Subject
|
:
|
MR.JASON LOH HUAI CHIEH
|
|
Address
|
:
|
58, GOODMAN ROAD, 439021, SINGAPORE.
|
|
IC / PP No
|
:
|
S7712768B
|
|
|
|
|
|
Date of Birth
|
:
|
04/05/1977
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
22/09/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
ROBIN LOH SIN KIAN
|
|
|
Position
|
:
|
CHAIRMAN
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
CHUA PHAU TEE
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
CHAN KAH HENG
|
|
|
Position
|
:
|
ADMIN MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
MOK YOW KONG
|
|
|
Position
|
:
|
FINANCE MANAGER
|
|
|
|
|
|
|
5)
|
Name of Subject
|
:
|
ALBERT YAN
|
|
|
Position
|
:
|
BUSINESS DEVELOPMENT MANAGER
|
|
|
|
|
|
|
6)
|
Name of Subject
|
:
|
DIONG CHEU LING
|
|
|
Position
|
:
|
PRODUCTION MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
RSM ROBERT TEO, KUAN & CO
|
|
Auditor' Address
|
:
|
WISMA RKT, BLOCK A, 2 JALAN RAJA ABDULLAH, OFF JALAN SULTAN ISMAIL,
2ND FLOOR, 50300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. ENG BEE HONG
|
|
|
IC / PP No
|
:
|
8254998
|
|
|
New IC No
|
:
|
570809-71-5006
|
|
|
Address
|
:
|
23, JALAN SS 26/5, TAMAN MAYANG JAYA, 47301 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
2)
|
Name
|
:
|
AMMERCHANT 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
|
:
|
17/03/2005
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM49,580,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
AMBANK (M) BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 3 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
08/04/2005
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM66,080,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
AMBANK (M) BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 4 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
|
|
Import Countries
|
:
|
EUROPE,JAPAN,CHINA
|
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
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
MIDDLE EAST, SOUTHEAST ASIA, AUSTRALIA, AFRICA,
SAUDI ARABIA, UNITED ARAB EMIRATES
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT),LETTER OF CREDIT (LC)
|
|
Type of Customer
|
:
|
FURNITURE INDUSTRY,CONSTRUCTION INDUSTRY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
MEDIUM DENSITY FIBRE BOARDS
|
|
|
|
|
|
|
Brand Name
|
:
|
ROBIN MDF, ROBIN DECOR
|
|
|
|
|
|
Competitor(s)
|
:
|
EVERGREEN
FIBREBOARD BHD
HEVEABOARD BHD
JAYAKUIK SDN BHD
MERBOK HILIR BHD
MIECO CHIPBOARD BHD
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE)
|
|
|
|
|
|
Ownership of premises
|
:
|
OWNED
|
|
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
|
300
|
302
|
300
|
310
|
317
|
321
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturer of medium
density fibreboards and other wood-based product.
The SC has the latest German technology built into its production
proccess.
Robin MDF is manufactured by a dry process and continuous pressing. Wood
chips are refined, blended with resin, wax and dried before they are formed
into a mat for pressing at high temperature. The emerging board is sanded
then cut into panels through our sophisticated cut-to-size saw to suit
customer requirements.
The SC's products can be used to make furniture systems, kitchen cabinets,
bedroom sets, dining sets, TV racks, speaker boxes,flooring, decorative
doors, panel mouldings and others.
Besides producing medium density fibre boards, the SC also produces solid
doors.
According to the SC, the doors are produced according to its customers'
requirements.
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
|
:
|
09-2771133
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
1, JALAN INDUSTRI 5, TAMAN PERINDUSTRIAN TEMERLOH, 28400, MENTAKAB,
PAHANG.
|
|
Current Address
|
:
|
1, JALAN INDUSTRI 5, TAMAN PERINDUSTRIAN TEMERLOH, 28400 MENTAKAB,
PAHANG, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
we contacted one of the Senior staff from the Admin
Department. She provided some information on the SC.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Decreased
|
[
|
2008 - 2010
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2008 - 2010
|
]
|
|
Return on Shareholder Funds
|
:
|
Favourable
|
[
|
39.16%
|
]
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
35.76%
|
]
|
The continuous fall in turnover could be due to the lower demand for the SC's
products / services. The management had succeeded in turning the SC into a profit
making company. The profit could be due to better control of its operating
costs and efficiency in utilising its resources. Generally the SC was
profitable. The favourable return on shareholders' funds and return on net
assets indicate that the SC's management was efficient in utilising the
assets to generate returns.
Working Capital Control:
|
Stock Ratio
|
:
|
Acceptable
|
[
|
64 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
40 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
26 Days
|
]
|
The SC kept adequate stocks to meet its normal business transactions without
incurring excessive storage costs. 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
|
[
|
2.59 Times
|
]
|
|
Current Ratio
|
:
|
Favourable
|
[
|
3.93 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
|
[
|
26.92 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 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 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:
Although the
SC's turnover decreased, its losses also decreased during the year. This
could be the result of more efficient control in its operating costs. 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 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
|
-
|
-
|
-
|
|
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
|
|
20212 : Manufacture of laminboard, particle board and other panels
and boards
|
|
|
|
|
INDUSTRY :
|
WOOD PRODUCT
|
|
|
|
|
|
|
The industry is predominantly owned by Malaysian and it is estimated that 80%
of timber-based companies are small and medium size companies while for
furniture industries, 90% are small and medium companies. The wood-based
industry is one of the resource-based industries with potential for growth.
In order to maximise the utilisation of wood resources, the industry has
moved into the production of engineered wood products. Products are now
being manufactured from trees of smaller diameter/lower quality. It is
environmentally friendly, easy to use and strong. These products have set
new performance standards by minimising both resources and manufacturing
defects while enhancing structural features.
|
|
The National Timber Industry Policy (NATIP) has targeted exports of timber
and timber products to hit RM53bil, of which 60% represent value-added
products while the remaining 40% is commodity-based. In addition, export
growth has also been set at 6.4% annually. The growing demand from
traditional markets like United States and Europe is also boosting exports
of the local timber industry. The use of wood globally was increasing and
the Malaysian timber industry remained an important contributor to the
nation's economy.
|
|
However, according to Timber Exporters' Association of Malaysia, the timber
industry is adversely affected by the unstable and high sea freight rates
from Port Klang to Europe. The freight rate to major European ports was
currently about USD2,800 per 40-footer container and was expected to
increase after the summer holidays due to peak season surcharge. Besides,
the freight rate to Middle Eastern countries had also increased due to the
coming Ramadhan. The strengthening of the ringgit had also affected demand
from Europe which is among the key importers of Malaysian timber. The local
timber company will increase the selling prices of their timber products
due to increase in freight rate to cover their margin.
|
|
To streamline and improve the efficiency of the timber sub-sector, the
government launched the National Timber Policy (NATIP) on 17 February 2009.
Among its objectives, NATIP serves to ensure that the industry continues to
enhance its competitiveness in the global marketplace. The Government
continues to promote higher value-added downstream activities through the
provision of special funding and grants. These support facilities assist
Malaysian companies in setting up and expanding infrastructure facilities,
R&D, training and streamlining procedures to facilitate increased
production.
|
|
The Malaysian government has also embarked on several initiatives to enhance
market access. These initiatives include Voluntary Partnership Agreement
(VPA) with the European Commission (EC). This agreement aims at combating
illegal logging and reducing illegally harvested timber. Malaysia is the
first country to commence formal negotiations to conclude a VPA and this
should help ensure that Malaysian wood products will have a better access
to the EU market.
|
|
According to Deputy Minister of Plantation Industries and Commodities , the
timber industry has to move in line with the need to explore the use of
wood as material for the construction industry, especially as a component
of the Industrialised Building System (IBS). With the decision by the
government to increase to 70% the IBS components for its projects and also
enhance the IBS method in the construction industry, the wood products
industry will indirectly enjoy the benefits. The timber industry can
participate in the implementation of the IBS either as a producer,
fabricator, transport provider or provide consultancy services to those
utilising wood. As such, the timber industry must prepare itself with the
knowledge and learn the related technology so that it is not left behind
and can continue to compete at the global level.
|
|
Overall, wood-based industry players should embrace new technologies and
best practices to increase productivity, efficiency and adapt the
ever-changing market. As a world-renowned manufacturer and exporter of
rubber wood furniture, and to meet the continuing demand for high quality
furniture and products, Malaysia is migrating to produce high-end
wood-based product inputs.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
COMMENTS & RECOMMENDATION
|
Established in 1994, the SC is a private limited company with core
business as a manufacturer of medium density fiber board and other wood
based 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 large issued and paid up capital of RM61,000,000 and strong backing
from its well-established holding company, the SC enjoys timely financial
assistance should the needs arise. These favourable conditions has minimised
its risk in the industry compared to other players.
|
|
Throughout its years of establishment, the SC has built up an extensive
network in the market. In an effort to capture a higher market shares, the
SC has penetrated into the global market. Its customer's base has extended
from Malaysia to Middle East, Southeast Asia, Australia, Africa and etc.
Such a wide marketing network has lowered the SC's commercial risk. As a
whole, the business prospect of the SC remains bright. The SC is a fairly
large and rapidly growing company with 300 staff in its operations. The
SC's management structure is well organised and its management capability
is regarded as good.
|
|
For the financial year ended 2010, the SC's turnover decreased from RM229.9
million to RM221.9 million. Despite the lower turnover, the SC's pre-tax
profit grew to RM56.54 million. Based on the higher profitability, the SC
has generated a favourable return based on its existing shareholders' funds
which indicated that the management was efficient in utilising its funds to
generate income. The SC was in good liquidity position with its current
liabilities well covered by its current assets. Hence, it has sufficient
working capital to meet its short term financial obligations. Being a zero
geared company, the SC virtually has no financial risk as it is mainly
dependent on its internal funds to finance its business needs. Given a
healthy net worth standing at RM158.24 million, the SC should be able to
maintain its business in the near terms.
|
|
The SC might be exposed to the forex risk as some of its raw materials are
sourced from overseas suppliers. With its long presence in the market, it
should have developed a strong supplier. Thus, it 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 prompt. The SC had a favourable creditors' ratio as evidenced by
its favourable collection days.
|
|
The industry shows an upward trend and this trend is likely to sustain in
the near future. With the promising outlook of the industry performance,
the SC business potential should be favourable. Moreover, as the SC is long
presence in the market, it should have acquired competitive edge against
other players in the same fields.
|
|
In view of the above favourable condition, we recommend that credit be
proceeded to the SC with favourable term.
|
CONSOLIDATED PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
ROBIN
RESOURCES (MALAYSIA) SDN BHD
|
|
For The Year
Ended 30-June-2010
|
|
|
|
|
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
221,902,368
|
229,904,851
|
284,083,611
|
|
|
=========
|
=========
|
=========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
56,542,744
|
<32,920,161>
|
<8,668,424>
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
56,542,744
|
<32,920,161>
|
<8,668,424>
|
|
Taxation
|
<6,113,107>
|
<3,733,872>
|
<3,947,408>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
-------------
50,429,637
|
-------------
<36,654,033>
|
-------------
<12,615,832>
|
|
Minority
interests
|
11,536,826
|
4,604,168
|
13,315,119
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
-------------
61,966,463
|
-------------
<32,049,865>
|
-------------
699,287
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
-------------
61,966,463
|
-------------
<32,049,865>
|
-------------
699,287
|
|
As previous
reported
|
33,015,805
|
65,065,670
|
64,366,383
|
|
|
|
|
|
|
As restated
|
-------------
33,015,805
|
-------------
65,065,670
|
-------------
64,366,383
|
|
|
-------------
|
-------------
|
-------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
94,982,268
|
33,015,805
|
65,065,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVIDENDS -
Ordinary (paid & proposed)
|
<9,760,000>
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
-------------
85,222,268
==========
|
-------------
33,015,805
==========
|
-------------
65,065,670
==========
|
|
RETAINED BY:
The Company
|
85,222,268
|
33,015,805
|
65,065,670
|
|
|
|
|
|
|
|
|
|
|
|
|
-------------
85,222,268
==========
|
-------------
33,015,805
==========
|
-------------
65,065,670
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
Term loan
|
2,119,204
|
4,409,997
|
5,444,594
|
|
Bank overdraft
|
-
|
46,684
|
-
|
|
|
|
|
|
|
Hire purchase
|
61,916
|
13,440
|
63,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other interest expenses
|
-
|
164,228
|
132,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers acceptance
|
-
|
78,644
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
--------------
2,181,120
===========
|
--------------
4,712,993
===========
|
--------------
5,640,849
===========
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET
|
ROBIN
RESOURCES (MALAYSIA) SDN BHD
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As At
30-June-2010
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2010
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2009
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2008
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MYR
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MYR
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MYR
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ASSET EMPLOYED:
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FIXED ASSETS
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68,865,509
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148,054,945
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173,501,521
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LONG TERM INVESTMENTS/OTHER ASSETS
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Deffered assets
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-
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796,000
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2,299,000
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Biological assets
|
10,283,917
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9,058,554
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-
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TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
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------------
10,283,917
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------------
9,854,554
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------------
2,299,000
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INTANGIBLE ASSETS
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Deferred/Expenditure carried forward
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-
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-
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444,761
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Goodwill on consolidation
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-
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1,629,540
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-
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TOTAL INTANGIBLE ASSETS
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------------
-
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------------
1,629,540
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------------
444,761
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TOTAL LONG TERM ASSETS
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------------
79,149,426
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------------
159,539,039
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------------
176,245,282
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CURRENT ASSETS
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Stocks
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38,938,172
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74,946,655
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96,066,513
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Trade debtors
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24,183,091
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23,865,873
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36,384,891
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Other debtors, deposits & prepayments
|
928,117
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3,647,127
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4,545,369
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Short term deposits
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16,300,000
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11,400,000
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6,650,000
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Amount due from holding company
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-
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-
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160
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Amount due from related companies
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-
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321,076
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-
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Amount due from associated company
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21,162,621
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-
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-
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Cash & bank balances
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12,558,762
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20,306,026
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22,722,753
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Tax recoverable
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8,000
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230,147
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-
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TOTAL CURRENT ASSETS
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------------
114,078,763
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------------
134,716,904
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------------
166,369,686
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CURRENT LIABILITIES
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Trade creditors
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15,752,758
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16,292,146
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23,197,160
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Other creditors & accruals
|
8,976,454
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111,236,641
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26,784,560
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Hire purchase & lease creditors
|
-
|
36,029
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19,781
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Short term borrowings/Term loans
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-
|
11,479,814
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15,937,712
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Other borrowings
|
-
|
2,750,000
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5,500,000
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Amounts owing to holding companies
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-
|
900
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-
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Amounts owing to related companies
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951,770
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1,579,826
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75,558,345
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Amounts owing to director
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-
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1,184,730
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-
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Provision for taxation
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3,075,020
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-
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1,634,825
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Provisions
|
239,007
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108,515
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331,969
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TOTAL CURRENT LIABILITIES
|
------------
28,995,009
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------------
144,668,601
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------------
148,964,352
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NET CURRENT ASSETS/(LIABILITIES)
|
------------
85,083,754
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------------
<9,951,697>
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------------
17,405,334
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TOTAL NET ASSETS
|
------------
164,233,180
==========
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------------
149,587,342
==========
|
------------
193,650,616
==========
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FINANCED BY:
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SHARE CAPITAL
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Ordinary share capital
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61,000,000
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61,000,000
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61,000,000
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TOTAL SHARE CAPITAL
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61,000,000
------------
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61,000,000
------------
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61,000,000
------------
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RESERVES
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Share premium
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10,400,774
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8,756,107
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-
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revaluation reserve
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1,500,000
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1,500,000
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1,500,000
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Exchange equalisation/fluctuation reserve
|
-
|
-
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6,431,565
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Retain profit/(Accumulated loss) carried forward
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85,222,268
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33,015,805
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65,065,670
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Translation reserve
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118,138
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6,358,735
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8,756,107
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TOTAL RESERVES
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------------
97,241,180
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------------
49,630,647
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------------
81,753,342
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SHAREHOLDERS' FUNDS/EQUITY
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------------
158,241,180
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------------
110,630,647
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------------
142,753,342
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MINORITY INTEREST
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------------
-
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------------
-
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------------
4,162,003
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LONG TERM & DEFERRED LIABILITIES & PROVISIONS
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Long term loans
|
-
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30,640,428
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39,339,959
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Hire purchase creditors
|
-
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20,267
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73,312
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Deferred taxation
|
5,992,000
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8,296,000
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7,322,000
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TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
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------------
5,992,000
|
------------
38,956,695
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------------
46,735,271
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------------
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------------
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------------
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164,233,180
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149,587,342
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193,650,616
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==========
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==========
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==========
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CONSOLIDATED FINANCIAL RATIOS
|
ROBIN
RESOURCES (MALAYSIA) SDN BHD
|
|
As At
30-June-2010
|
|
|
|
|
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
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TYPES OF FUNDS
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Cash
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28,858,762
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31,706,026
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29,372,753
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Net Liquid Funds
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28,858,762
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20,226,212
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13,435,041
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Net Liquid Assets
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46,145,582
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<84,898,352>
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<78,661,179>
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Net Current Assets/(Liabilities)
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85,083,754
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<9,951,697>
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17,405,334
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Net Tangible Assets
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164,233,180
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147,957,802
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193,205,855
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Net Monetary Assets
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40,153,582
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<123,855,047>
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<125,396,450>
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BALANCE SHEET ITEMS
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Total Borrowings
|
0
|
44,926,538
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60,870,764
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Total Liabilities
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34,987,009
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183,625,296
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195,699,623
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Total Assets
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193,228,189
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294,255,943
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342,614,968
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Net Assets
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164,233,180
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149,587,342
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193,650,616
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Net Assets Backing
|
158,241,180
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110,630,647
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146,915,345
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Shareholders" Funds
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158,241,180
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110,630,647
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142,753,342
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Total Share Capital
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61,000,000
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61,000,000
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61,000,000
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Total Reserves
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97,241,180
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49,630,647
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81,753,342
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LIQUIDITY(Times)
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Cash Ratio
|
1.00
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0.22
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0.20
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Liquid Ratio
|
2.59
|
0.41
|
0.47
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Current Ratio
|
3.93
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0.93
|
1.12
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WORKING CAPITAL CONTROL (Days)
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Stock Ratio
|
64
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119
|
123
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Debtors Ratio
|
40
|
38
|
47
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Creditors Ratio
|
26
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26
|
30
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SOLVENCY RATIOS (Times)
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Gearing Ratio
|
0
|
0.41
|
0.43
|
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Liabilities Ratio
|
0.22
|
1.66
|
1.37
|
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Times Interest Earned Ratio
|
26.92
|
<5.98>
|
<0.54>
|
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PERFORMANCE RATIO (%)
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Operating Profit Margin
|
25.48
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<14.32>
|
<3.05>
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Net Profit Margin
|
27.93
|
<13.94>
|
0.25
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Return On Net Assets
|
35.76
|
<18.86>
|
<1.56>
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Return On Capital Employed
|
35.76
|
<17.69>
|
<1.45>
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Return On Shareholders' Funds/Equity
|
39.16
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<28.97>
|
0.49
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Dividend Pay Out Ratio (Times)
|
0.16
|
0
|
0
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NOTES TO ACCOUNTS
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Contingent Liabilities
|
0.00
|
0.00
|
0.00
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%20SDN%20BHD%20-%20154922%2021-Sep-2011_files/image002.jpg){kind=small}